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Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
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Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
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Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
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Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
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The Central Bank of Ireland (“CBI”) issued an Industry Letter regarding Fund Liquidity Management on 7th August 2019.
This letter highlights the importance of ongoing, effective liquidity management and ensuring compliance with relevant legislation and regulatory obligations for UCITS and AIFs.
What this means is set out in more detail in the ESMA consultation on draft guidelines on liquidity stress tests published in February 2019. These guidelines provide guidance on what is required. ESMA has produced a set of fourteen (principles-based) draft Guidelines for managers to fulfil when executing liquidity stress tests on their funds.
In its letter, the CBI have asked managers to build an appropriate liquidity risk management framework for each fund under management. A central element of this framework will be an appropriate stress testing approach that considers:
- which risk factors may impact the fund’s liquidity;
- which scenarios to utilise;
- the severity of the stress scenarios to employ;
- different outputs and indicators to be monitored following the exercise and how they are reported via management information; and
- how the result of the stress test is utilised and acted upon.
Although the ESMA Guidelines are not finalised yet, they provide a regulatory framework to allow funds to design an appropriate approach to managing liquidity risk.
Although, there is no requirement for Fund Management Companies to respond to the Industry Letter, however all Fund Management Companies should review their risk management framework and assess its level of compliance with the ESMA guidelines. The Central Bank has increased it's monitoring of investment fund liquidity and redemption activity as part of its overall Brexit preparedness work.
Grant Thornton have considerable in house expertise on liquidity risk management having advised many financial institutions on liquidity risk frameworks and stress testing approaches. Grant Thornton is ideally placed to support UCITS and AIFs with these regulatory challenges.