- by Amy McNeice on 01/11/2023
Earlier this year the Central Bank of Ireland (CBI) enacted the Individual Accountability Framework (IAF) with the aim of promoting an improved governance system and positive cultural change in Regulated Financial Service Providers (RFSPs). But what does this entail? Who is in scope? When does this come into effect in Ireland?
We have the full breakdown of everything you need to know when it comes to complying with IAF.
Essentially, the new IAF is underpinned by four main pillars;
1. SEAR (Senior Executive Accountability Regime): Will require every in scope entity to describe and define where responsibility and decision making lies within the organisation.
2. Enhanced Fitness and Probity: Will require in scope entities to periodically certify the fitness & probity of persons in Control Function (CF) and Pre-Approval Control Function (PCF) roles.
3. Enhancements to the Central Banks Powers: This new regime will remove the 'participation-link', so that the CBI will no longer have to first find if an entity has committed a regulatory breach before it can take enforcement against them.
4. New Individual Business & Conduct Rules: Will impose obligations on entities with respect to expected standards of conduct for persons carrying on a Control Function (CF) or Pre-Approval Control Function (PCF) role.
From 31st of December 2023
- Conduct Standards including the accountability of senior individuals for running their parts of the business effectively (i.e. Additional Conduct Standards)
- Fitness & Probity Regime: Certification and inclusion of Holding Companies
From 1st of July 2024
- SEAR for those firms in-scope of the initial phase
CRIFVision-net have created a tailored solution to help all in-scope entities comply and meet the demands of IAF with ease. Ultimately saving you time, money and resources by removing the need to conduct manual Fitness and Probity checks on persons in CF & PCF roles.
In seconds, you can centrally add and manage all persons in-scope (CF & PCF roles). Running enhanced Fitness and Probity becomes just a click of a button, with all results stored and monitored for future change.
Our solution is also available through API connection which allows for a more frictionless integration.
If you would like to learn more about how our solution can help you meet the demands of the Individual Accountability Framework, simply call us today on Tel: 01 903 2660 or email us at firstname.lastname@example.org.
We all could use more time in the day to focus on our value-adding tasks, but manual admin, data analysis and decision making takes time, and for good reason.