Insights

With our finger on the pulse of this ever-evolving industry, we provide intermediaries with practical, cost-effective solutions to address your business needs, from outsourcing, assistance in navigating regulatory landscape developments and their impacts, statutory reporting requirements, to support with mergers and acquisitions.

Grant Thornton’s agile team of operational resilience experts are ready to deliver proven solutions to our clients based on regulatory requirements and their strategic priorities. We leverage our vast industry experience of operational resilience engagements to assist you implement the guidance effectively on a day-to-day basis and to set future plans and strategies.

European Banking Authority Updates on the Management of Interest Rate Risk and Credit Spread Risk in the Banking Book.

Following stakeholder consultation, the Central Bank of Ireland (CBI) has published ‘Guidance for (Re)Insurance Undertakings on Climate Change Risk’. The following are the key areas outlined for re(insurers) to integrate climate change risk: Appropriate Governance, Materiality Assessment, Scenario Analysis, Strategy & Business Model, Risk Appetite & Risk Management and Reporting.

Over the last few years the ECB have published a series of guidance and best practice publications in the Climate and Environmental (C&E) risk area. These publications and best industry practices indicate that while banks have made progress in incorporating climate-related risk, there is a high level of inconsistency in certain practices and also areas for improvement.

The Financial Services and Pensions Ombudsman (FSPO) has published its Overview of Complaints of 2022. This report marks the first publication from the FSPO since Liam Sloyan, the former chief executive of the National Treatment Purchase Fund (NTPF), took up the role of Ombudsman in December 2022.

This report details the findings of the supervisory benchmarking exercise conducted in 2022 in line with Article 78 of the Capital Requirements Directive (CRD). It also covers the regulatory and implementing technical standards (RTS and ITS) that establish the extent, methods, and categories for evaluating internal models for Credit Risk and Market Risk.

The Corporate Sustainability Reporting Directive (“CSRD”) introduces detailed reporting requirements on companies’ impact on the environment, human rights and social standards.

Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March 2023, the Central Bank of Ireland (“CBI”) has launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.

The Central Bank of Ireland has reminded firms of their obligations to align the governance and oversight of MGA arrangements with the outsourcing requirements set out in Solvency II for Critical or Important Functions or Activities.

The Digital Services Act (DSA) is a proposed piece of legislation by the European Union that aims to modernize and harmonize the rules governing digital services across the EU.

The Central Bank of Ireland (“CBI”) set out their findings and expectations for Payment and E-Money firms in its “Dear CEO” letter published January 20, 2023. Rather than issuance of specific additional or “new” expectations, it is a re-affirmation of the out regulatory expectations of authorised Payment and E-Money institutions already set out in the December 2021 letter in the same vein. A year on from that letter, it is clear that the CBI believes the industry has a lot more to do.