The CBI highlights the following as the five key areas where deficiencies have been identified:
The CBI specifically called out significant issues in the area of safeguarding, and now firms in this sector who are required to safeguard users’ funds are required to obtain a specific audit by an audit firm, such as the firm’s external auditors, of their compliance with the safeguarding requirements under PSR/EMR. The required audit opinion, along with a board response on the outcome of the audit, is required to be submitted to the CBI by 31 July 2023.
Within our payment and e-money clients, we provide a range of services, including outsourced and co-sourced internal audit and regulatory consultancy services to boards and second line of defence functions. Our team of industry experts (in the areas of conduct and prudential risks), former regulators and consultants are well-placed to assist you in the following areas:
Impact assessment and action plan development – we regularly work with our clients to assess the impact of regulatory requirements on their business and develop credible and tangible impact assessment and action plans.
Safeguarding audit – leveraging our extensive assurance experience in safeguarding customer funds, external audit and internal audit services in relation to safeguarding, we are well placed to undertake this external audit for payment and e-money firms.
Subject matter expertise – we have a range of subject matter experts that can assist you with specific technical aspects of matters raised in the 'Dear CEO' letter, including corporate governance and culture, anti-money laundering and countering the financing of terrorism, outsourcing, risk management frameworks(including outsourcing risk, operational risk, compliance risk and technology risk) and risk appetite statements.
'Dear CEO' letter action plan assurance – due to our extensive experience of undertaking third-party assurance reviews under the guise of internal audit reviews and regulatory third-party assurance reviews, we are well placed to provide your firm with robust and factually accurate assurance reviews that assess adherence with the areas articulated in the 'Dear CEO' letter.
Mazars and the Compliance Institute work together to provide unique insight into the views and expectations of financial services professionals and their preparedness for the individual accountability framework (IAF) and the senior executive accountability regime (SEAR).
On April 5, 2024, Finance Minister Michael McGrath launched a Feedback Statement (FS) on the proposed implementation of a Participation Exemption for foreign dividends within the Irish tax system. The FS invites feedback from interested parties on a “Strawman Proposal” developed for the implementation of the Participation Exemption.
In 2022, the European Securities and Markets Authority (ESMA) published its new multi-annual strategy for 2023-2028. ESMA’s 2024 Annual Work Programme is structured around the implementation of the ESMA strategy, fulfilling ESMA mandates in the legislation and building on the activities executed in 2023.
Tailored solutions for assurance and value creation in a changing world
Helping you create a resilient framework and culture that keeps you a step ahead of uncertainty
Our expert team has significant first-hand experience implementing accountability frameworks
The Central Bank (Individual Accountability Framework) Bill 2022 (the Bill) will ensure that conduct risk will remain a key risk that all regulated financial services firms (firms) must be able to demonstrate it is proactively managing and mitigating. In all likelihood, one of the key impacts of the Bill will be the elevation of conduct risk further up the Board’s risk agenda prioritisation in 2023...
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