Speech: Central Bank of Ireland

​Speech: Clear standards of conduct, accountability, and robust enforcement mechanisms are essential to fostering trust in the financial services sector

"Proposals in the Individual Accountability Framework seek to incentivise positive behaviours and promote improved governance and culture within firms while strengthening the Central Bank’s enforcement toolkit, particularly with respect to individuals, to allow the Central Bank to more effectively hold to account those that fall below the expected standards." Central Bank of Ireland

In a speech made Wednesday 13th October 2021, quoting a lot of numbers, such as:

• 144 enforcement actions concluded,
• €166.5 million of fines imposed,
• 26 individuals disqualified from senior roles in firms,

the Central Bank of Ireland covered its work and role in the proposed Individual Accountability Framework which it believes will  drive uplift in governance across the board.

The proposals in the Individual Accountability Framework seek to incentivise positive behaviours and promote improved governance and culture within firms while strengthening the Central Bank’s enforcement toolkit, particularly with respect to individuals, to allow the Central Bank to more effectively hold to account those that fall below the expected standards.

• Speech of 13 October 2021 located here

Posted by: Peter Oakes, Founder of CompliReg a leading specialist governance, regulatory and compliance strategy firm.  Peter established and led the Enforcement and AML/Supervision Directorate of the Central Bank of Ireland as its inaugural Assistant-Director General, then later Director of Enforcement and AML/CFT Supervision. ​