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Matheson Launches Individual Accountability Framework (IAF) Directory

Services: Individual Accountability and SEAR Date: 19/12/2023

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


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