Corporate Governance and the Expectations of Regulated Firms and their Board of Directors
Over the last number of years, there has been an increased regulatory focus on the role and responsibilities of a regulated firm's Board of Directors (Board), specifically regarding culture, behaviour and risk management. This focus is expected to further intensify with the advent of the proposed Individual Accountability Framework (IAF) and the Senior Executive Accountability Regime (SEAR).
What are the expectations of Boards in the context of a regulatory environment with an obligation on the collective and individuals to take and evidence reasonable steps when discharging their responsibilities?
Outlined below, are areas a Board should demonstrate they are providing oversight of and challenge to management in their day to day responsibilities.
The key areas that should feature on the agenda of Boards and their directors are:
How we help our clients and how we can help you
Mazars has a team of corporate governance and culture experts that regularly assist the Boards of financial services firms in the following areas:
Corporate Governance Consultancy: We regularly support established firms and firms seeking authorisation from the Central Bank of Ireland in designing and implementing a fit for purpose corporate governance target operating model.
Culture Consultancy and Advisory: We have significant experience in the performance of culture audits of Irish firms utilising our Mazars Global Culture assessment tool. In addition, we have worked with a number of firms in redefining and implementing their culture and behaviours.
Independent Board Effectiveness Reviews:
We frequently facilitate and perform board effectiveness reviews. It is considered good practice for firms to commission an independent board effectiveness review at least once every three years.
Corporate Governance Assurance Reviews: We assist firms regularly in assessing the design and operating effectiveness of a firm's corporate governance and oversight arrangements
Mazars and the Compliance Institute surveyed the compliance institute members to measure the level of preparedness, views and expectations of financial services professionals and their preparedness for the impending for the IAF and SEAR.
Download the survey results