Financial Crime World

Financial Inclusion and Compliance Crucial for Irish Firms, Experts Say

As Ireland’s financial services sector continues to grow, maintaining effective corporate governance and compliance has become a top priority for companies operating in the country. According to industry experts, a robust governance structure is essential for ensuring transparency, accountability, and clear reporting lines within financial institutions.

The Challenges of Compliance

However, many firms are facing challenges in demonstrating compliance with a multitude of regulations, laws, and codes, which can result in reputational damage if not managed effectively. To mitigate this risk, companies must prioritize the management of regulatory and compliance risk to avoid financial or reputational harm.

Customized Solutions for Irish Firms

To support Irish firms in navigating these complexities, leading industry experts offer customized solutions for creating a holistic governance, risk, and compliance (GRC) framework. This includes:

  • Developing a Risk Appetite Statement
  • Creating a measurement & monitoring framework
  • Providing guidance on the right corporate governance structure

Expert Review of Compliance Frameworks

Experts can also review compliance and risk governance frameworks to ensure they are effective in meeting regulatory requirements, including:

• Fitness and Probity regime • Anti-Money Laundering (AML) requirements • Consumer Protection Code (CPC) • Data Protection requirements • Capital Requirements Directive • Solvency II • Markets in Financial Instruments Directive (MiFID) • Qualifying Investor Alternative Investor Fund (QIAIF) plans • European Markets Infrastructure Regulation (EMIR)

Ensuring Financial Inclusion and Compliance

By implementing these measures, Irish firms can ensure financial inclusion and compliance, ultimately protecting their reputation and ensuring continued growth and success.

Remember, effective corporate governance and compliance are essential for the long-term success of any financial institution operating in Ireland.