Learning outcomes:

Attendees will be given an overview of the changes taking place with regard to individual accountability for those working in Financial Services, the reasoning behind these changes and the possible future consequences.

The attendees will learn or gain from this session the following:

– Understanding of the background to the new Individual Accountability Framework

– Illustration of the importance of good Conduct, Culture and putting the Client first in all that is done in financial services

– User-friendly interpretation of the Central Bank (Individual Accountability Framework) Act 2023

– Recap on the current F&P Standards and Competency

– An in-depth knowledge of the four pillars of the IAF

– Senior Executive Accountability Regime (SEAR)

– Conduct Standards

– Enhancements to the current F&P regime

– Enforcement

– Awareness of the enforcement powers and process in IAF – Identification of what best practice in corporate accountability looks like – Insight into possible future developments in the area of accountability

Who is the course for?
Attendees will be given an overview of the changes taking place with regard to individual accountability for those working in Financial Services, the reasoning behind these changes and the possible future consequences.

Modules:

Introduction to Conduct, Culture and Accountability

– Understanding Conduct, Culture and Accountability

– Introducing the Central Bank (Individual Accountability Framework) Act 2023

Introducing the Four Pillars of IAF:

– Senior Executive Accountability Regime (SEAR)

– Conduct Standards

– Enhancements to the current F&P regime – Enforcement

SEAR

– Prescribed Responsibilities / Other responsibilities

– Statement of Responsibility (SoR) & Inherent Responsibilities (IR)

– Management Responsibility Map (MRM)

– Reasonable Steps re Duty of Responsibility

Conduct Standards

– Standards for Business

– Common Conduct Standards

– Additional Conduct Standards

Culture and People – Why IAF is needed in Financial Services

– Culture, Conduct and the Client – The 3 C’s of Conduct risk

– Business Ethics – Individual and organisational cultural issues, ethical dilemmas and past failures in Financial Services

Current F&P Standards and Competency – Recap

– Determining the standards required

– Due diligence

– Minimum competency codes

Pre-Approved Control Functions and Control Functions

– Specified functions

– Roles and the realities of who is covered

– Applying for approval – Due Diligence

F&P Risk

– Identification

– Controls

– Records

Enhancements to the Current Fitness & Probity (F&P) regime

What does the new accountability regime mean to me and my role?  Implications and Obligations

Enforcement

– Participation Risk – Individual v Firm

– The Central Bank and The High court

– Administrative Sanctions Procedure (ASP)

– Central Bank Sanctioning under alternative structures to date

Best Practice

– Managing Behavioural and Cultural obligations

– Dealing with Misconduct

– Reporting and Reports

Future Developments & Course Conclusion

Trainer Profile