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Matheson seminar discusses ‘skilled person reports’
A well-attended Matheson breakfast seminar this morning discussed the new Central Bank of Ireland powers that require firms to prepare “skilled person reports”. Introduced last year, these reports are now expected to become a common part of the Central Bank’s supervisory and enforcement toolkit.
As the new “skilled person reports” are similar to the UK’s existing so-called “s166” reports, Matheson invited UK experts to share their experience in dealing with such reports. The audience of 100 or so senior management, compliance officers and in-house counsel also heard from Joe Beashel, partner and head of Matheson’s Regulatory Risk Management and Compliance and Matheson partner Carina Lawlor.
Joe Beashel said, “These reports are a form of outsourcing, where the Central Bank can require a firm to instruct a neutral third party to prepare a report into one or more issues and processes. Both the third party and the terms of reference must be agreed with the Central Bank, but the report itself is paid for by the firm. A skilled person report will, in many cases, form the basis of a subsequent administrative sanction from the Central Bank, so shaping the report and its conclusions could be very important for firms and senior management within those firms.”