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It’s time for firms to act on the Individual Accountability Framework (IAF)

Immediate requirements of the IAF

Firms are already expected to be able to monitor and demonstrate compliance with the following:

  • Adherence to the Common Conduct Standards –such as acting with honesty and integrity, care and diligence, and in the best interest of customers
  • Meeting Additional Conduct Standards for NEDs, INEDS and other Controlled Functions (CFs) – ensure an organisation’s business functions are controlled and managed effectively, in accordance with obligations, and have a delegated structural oversight
  • Identifying and tracking Pre-Approval Controlled Functions (PCFs) – senior managers that need to be certified by the regulator to carry out their roles and responsibilities

Additionally, the deadline is imminent for firms to be able to develop and manage their Management Responsibilities Map by 1 July 2024. This should clearly outline all the individuals in PCF roles, with the allocation of their responsibilities to ensure there are no gaps. The CBI has made it clear that this must be maintained at all times. In addition, they could also request an update at short notice. This is where a software solution like Actus Comply can provide robust assurance. With immediate point in time reports that can be quickly and easily generated to meet the requirements of the CBI

Actus Comply – Affordable, Effective, Assurance

It is always a challenge implementing new regulations, particularly with such high stakes for those in PCF roles. Actus Comply was developed to meet the requirements of the SMCR regime in the UK. This is which much of the SEAR regime is based on. This experience is invaluable in helping Compliance Professionals in Ireland reduce risk and meet the regulations with ease.

Actus IAF Comply streamlines F&P Management and Certification making it a smooth and straightforward operational process with minimal admin. Actus SEAR Protect manages PCF Mapping and Reporting with a full audit trail. Therefore, giving firms the confidence that all regulatory obligations have been met.

Learn more about our SEAR Software

Download Actus IAF Comply Brochure

Actus Perform offers a range of add on modules. From performance management and appraisal through to Learning and Talent Management. These can be added on to provide one fully integrated and cost effective HR and Compliance platform.

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Actus Comply SEAR IAF Ireland

 

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