Fitness & Probity UpdateMay 2020The Central Bank of Ireland ("Central Bank") published a ‘Notice of Intention’ on 25 February 2020 which sets out its proposal to:
While not limited to the following circumstances, the Central Bank expects that the Chief Information Officer role would likely apply where:
- Introduce three new Pre-Approval Controlled Functions (PCFs):
- Chief Information Officer (under the ‘General’ category);
- Head of Material Business Line (under the ‘Banking’ category);
- Head of Market Risk (under the ‘Banking’ category);
- Split PCF-39 Designated Person into six PCF roles aligned to the specific managerial functions.
The Bank invited comments from stakeholders on this proposal no later than 14 April 2020.
- The RFSP has a PRISM impact rating of High or Medium High;
- Information Technology is a key enabler or core element of the RFSP’s business model.
Read the proposal HERE
By Judy de Castro - Regulatory Consultant