Central Bank (Individual Accountability Framework) Bill 2021August 2021
On the 27th of July, the Department of Finance published the Individual Accountability Framework proposal for 2021.
The framework’s aim is to help firms drive positive behaviour by strengthening organisational culture and to mitigate issues arising from conduct risk.
Two key areas of governance are highlighted in order to achieve effective regulatory framework:
- Well defined, clear, and transparent responsibilities for all staff
- Individuals to know what is expected of them in their roles and be held accountable for their actions and behaviour.
Four key components are highlighted further:
- Responsibilities, decision-making and accountability to be clearly defined for all staff
- Enforceable Conduct Standards to ensure firms and staff to always act with integrity, due skill, care, and diligence for their customers
- Enhanced Fitness & Probity (F&P) to ensure required staff are fit and proper to carry out their roles
- Increased sanctions on individuals for direct accountability as opposed to only if they have participated in a firm’s wrongdoing.
Under the framework’s new proposal is also an enhanced focus on proportionality and fair procedures by the CBI.
Further details available here: Statement - Central Bank (Individual Accountability Framework) Bill 2021