Directory will help financial institutions understand and
interpret the IAF regime
Pictured above with Minister for
Finance, Michael McGrath are Matheson partners Joe Beashel and Niamh Mulholland
with Darren Maher (co-head of Matheson’s Corporate department).
Matheson LLP has
launched an Individual Accountability Framework (IAF) Directory, designed
to help financial institutions and individuals understand and interpret the new
IAF regime. Developed by the firm’s Financial Institutions Group, it highlights
the implementation of the Common, Additional and Business Standards, the Senior
Executive Accountability Regime (SEAR) and enhancements to the Fitness and
Probity Regime which will take place from 2024.
The IAF is
designed to deliver on the Central Bank of Ireland’s (CBoI) objective of
achieving greater transparency and individual accountability. It will
create a fundamental shift in regulatory accountability for both affected firms
and individual senior executives in Ireland. Matheson’s IAF Directory
contains a copy of the IAF Act, as well as the recently published Central Bank
feedback and guidance.
Officially
launched at a recent client networking event, Matheson was pleased to have been
joined by Minister for Finance, Michael McGrath, TD, who delivered a short
address and outlined the background to, and effects of, the Individual
Accountability Framework.
Minister McGrath
said, “It
is in the application and implementation on a day-to-day basis of the
Individual Accountability Framework that I hope this resource, produced by
Matheson will be of great assistance to individuals, in consideration of their
own responsibilities and also those that they exercise as a collective within
financial services firms in Ireland.”
Matheson partner
and co-head of its Corporate department, Darren Maher said. “Our new
IAF Directory will be a useful resource for anyone who works in financial
services to ensure that they have the appropriate governance and risk policies
and procedures in place and operating effectively. It will help to ensure
that individuals have the appropriate qualifications, experience and knowledge
to perform their roles and that the appropriate risk and control environments
are embedded. It will foster an environment where individuals can speak
up and where issues can be identified, monitored and tracked.”
Visit Matheson’s IAF Hub to
find out more about how Matheson’s cross-sectoral expert team can assist with
implementation of the IAF Regime.
To request a
copy of the Matheson IAF Directory, email: fig.knowhow@matheson.com