The origins and the basis of the IAF and SEAR proposals and what will soon become legal and regulatory requirements come from the following:
Much has been written about the key impacts the proposals will have on a firm’s governance structures, fitness and probity systems and controls, employees and consumers.
While some professional service firms will be able to make their accountability experts available from within their global network to assist you in your preparations for the IAF and SEAR, at Mazars, our Irish partner and senior management team are experts. They have significant first-hand experience in:
When you engage with Mazars, you engage a partner-led and senior management team that has done this before. We know our methodology, implementation project plans, key IAF/SEAR deliverables and our assurance opinions are fully aligned with good practice and fit for purpose.
Mazars and the Compliance Institute are delighted to publish this follow-up to our first Individual Accountability Framework (IAF) readiness survey report in March 2022.
The below case studies provide an overview of the accountability framework engagements our Irish based partner and senior management team have previously delivered.
A UK retail bank |
The engagement Design and implementation of the bank’s senior managers regime and certification regime (SMCR) framework (the UK equivalent of the IAF and SEAR) As part of this engagement the following services were provided to the bank:
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A UK branch of a significant European commercial and investment bank |
The engagement Assurance review of the bank’s accountability framework As part of this engagement, the following elements were included in the scope of the review:
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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.
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In an ever-changing regulatory landscape, we help our clients embrace reform, reshape their strategies, and mitigate regulatory risk.
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Helping you create a resilient framework and culture that keeps you a step ahead of uncertainty
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...
Building the future of financial services with forward thinking solutions
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