Fitness & Probity — Renewed Focus
In our earlier GECKO Governance article, “Central Bank of Ireland Publishes CP86 Review Findings”, which can be accessed here we considered the second “Dear CEO” letter issued by the Central Bank of Ireland (Central Bank) on 17 November 2020.
In this follow-up article, we have illustrated how our software can assist with overcoming weaknesses found in firms’ compliance with Fitness & Probity Regime (F&P) and the need to plan for the additional compliance and HR requirements that the new Senior Executive Accountability Regime (SEAR) will involve.
In the last three years, three firms have been sanctioned by the CBI for F&P related failures under the Administrative Sanctions Procedure (“ASP”) regime. Having policies and procedures in place is a starting point but is simply not enough. To avoid facing regulatory fines, firms must understand the design as to why they are incorporated and those who demonstrate this understanding will be much better placed to comply with the anticipated new regulatory framework for individual accountability SEAR, giving you the possibility to avoid any potential conflict in the future.
GECKO Governance can assist you in the review of F&P policies and procedures with our financial expertise and knowledge and provide you with an end-to-end F&P solution, customisable to your organisation.
As experts in governance, we stay ahead of the curve in regulatory and compliance requirements. Get in touch with us to learn more about the GECKO F&P Solution.
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