The Compliance Files

Season 3: Episode 14 - Central Bank’s 2023 Priorities

In this episode the Central Bank of Ireland Deputy Governor, Sharon Donnery provides valuable insights into the Central Bank’s 2023 priorities. Sharon reflects on how the Central Bank’s and industry’s responses in the last number of years has positioned us as we face the new challenges of 2023 and outlines the challenges that leaders in Financial Services face in charting a course through the uncertainty and complexity of the global economic outlook.

 

Sharon also elaborates on the six principles of the Central Bank’s regulation in order to support positive outcomes and outlines the main challenges that the Central Bank faces when dealing with innovative firms looking to establish here. Plus, gives an overview of what the Central Bank expects firms to be doing now, to address their climate risk exposure.

 

Following, the enactment of the IAF Bill 2022 on 9th March, and the Central Bank launching on 13th March its three-month consultation on key aspects of implementation of the IAF, Sharon outlines the Central Banks hopes for how the Individual Accountability Regime will improve standards in Financial Services firms.

Season 3: Episode 13 - Conduct and Culture

Creating an effective culture will help to drive behaviour, build customer and investor trust, and support operational excellence and growth; having the right culture is essential for achieving good conduct performance.

In this episode, we are joined by two experts in the field of compliance and conduct risk, Mark Satterthwaite, Chief Compliance Officer at Citibank Europe and Paul Quinlan, EMEA Head of Conduct Risk ICRM at Citibank Europe to discuss the topic of Conduct and Culture.

We explore the importance of conduct and culture, the challenges and opportunities of defining and implementing good conduct and culture practices within organisations. We examine how to measure if conduct and culture is working within an organisation and to what extent has the regulatory focus shifted from conduct and culture.

Season 3: Episode 12 - Internal Audit

In this episode of the Compliance Files Podcast, we delve into the role of Internal Audit and how it interacts with Compliance. Anlo Taylor, a Partner in Deloitte Risk Advisory with over 15 years of experience in internal auditing, controls assurance and external auditing gained through her time in industry and practice discusses the complexities of compliance regulations and their impact on businesses. Anlo shares her expertise on the role of Internal Audit and the importance of compliance in the industry. Together, we examine how Compliance and Internal Audit can help senior leaders understand how well their business is meeting important regulatory expectations.

 

Tune in and learn how to navigate the complex landscape of compliance and internal auditing and stay up to date with the latest trends in this field. Thank you for tuning in to the Compliance Files Podcast.

Season 3: Episode 11 - Competition Law for Compliance Professionals

In this episode, we speak with Philip Andrews, the head of McCann FitzGerald's Competition, Regulated Markets, and EU Law Group. As a seasoned practitioner in EU and Competition Law, Philip offers valuable insights into the complexities of competition regulations and their impact on businesses. 

Philip shares his expertise on regulated markets and discusses the latest developments in competition law, shedding light on the importance of compliance in the industry. Tune in to learn how to navigate the complex landscape of competition regulations and stay up to date with the latest trends in the field.

 

Season 3: Episode 10 - The Impact of Regulation on Marketing and Advertising in Financial Services

In this episode, host Kathy Jacobs is joined by Aidan Power, Director of Brand and Marketing at KBC Bank in Ireland, to discuss the impact of regulation on marketing and advertising in financial services. As the first point of contact for customers, advertising has become subject to more complex regulation over the years, making compliance a key concern for the industry. Aidan shares his experience navigating these challenges, and how he works to create a differentiated offering and alternative challenger brand in banking. Tune in to learn about the complexity of regulation in marketing, and how it's driving change in the financial services industry.

Season 3 - Episode 9: Consumer Protection Regulation - Part 2

In the second episode of the Consumer Protection Regulation podcast with Nora Beausang, Nora talks to Kathy Jacobs about the high-level statutory protections applying to lending to consumers in Ireland under both domestic and EU rules.

Season 3 - Episode 8: Consumer Protection Regulation - Part 1

Protecting consumers is at the heart of the Central Bank of Ireland’s mandate. Their role is to ensure that the best interests of consumers are protected while enhancing confidence and trust in the financial system through effective regulation of financial service providers and markets. In a two-part series, we talk to Nora Beausang, solicitor and the author of ‘Consumer and SME Credit Law’ published by Bloomsbury Professional, about consumer protection issues applying to financial services business in Ireland, with a particular focus on lending (cash loans).

 

In the first episode, Nora addresses the role of the Central Bank as conduct regulator, the different categories of lenders (cash loans), the beneficiaries of lending-related consumer protection rules and the thorny issue of the interpretation of ‘consumer’ under those rules. The second episode will deal with the high-level statutory protections applying to lending to consumers in Ireland under both domestic and EU rules.

Season 3 - Episode 7: What is Lifelong Learning and why is it important?

Lifelong learning is broadly defined as the ongoing, voluntary, and self-motivated pursuit of knowledge for either personal or professional reasons. Lifelong learning is about developing your full potential, and will provide you with the possibility of discovery, skills and rewards, both professionally and personally. Developing an attitude of continuous learning is one of the best ways to prosper in today's evolving world.
To understand the importance of upskilling, reskilling and continuous learning, we spoke to Evelyn Cregan, Company Secretary, Director of Executive Education in the IOB and a Lifelong Learner herself.

Season 3 - Episode 6: Approaching deadline for transitioning to the new EU Standard Contractual Clauses (SCCs)

On 4^th June 2021, the European Commission published a decision in respect of a new set of modernised standard contractual clauses ("EU SCCs") for compliance purposes with the EU General Data Protection Regulation ("GDPR"), taking into account the decision from the Court of Justice of the European Union ("CJEU") published on 16^th July 20202 in connection with the EU-US Privacy Shield and the old standard contractual clauses ("Old SCCs") ("Schrems II Decision"). From 27th December 2022, where you rely on standard contractual clauses as a transfer mechanism, the New SCCs must be used. From this date, the original standard contractual clauses will no longer be an appropriate safeguard under Article 46 of GDPR.

In this episode of the Compliance Files, Steven Roberts, vice chair of the Compliance Institute’s Data Protection & Information Security (DP&IS) Working Group talks to Flavien Corolleur, Senior Legal Counsel/Director and Data Protection Officer at SS&C Financial Services (Ireland) Limited and a member of the DP&IS Working Group on International Data Transfers and Standard Contractual Clauses, and what is required prior to the deadline of the 27th December. Flavien provides updates on his article in the summer edition of the ICQ and practical matters to consider.

https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/BeeProAgency/652846_635112/ICQ_Summer22_WebVersion.pdf

Season 3 Episode 5: Data Protection

At the end of February 2022, Commissioner for Data Protection, Helen Dixon, launched the Irish Data Protection Commission’s Annual Report for 2021. At the launch of the report Ms Dixon commented: “2021 has been a year of strong regulatory results from the DPC, in which it delivered impactful and far-reaching outcomes for the protection of individuals’ personal data. The GDPR is a strong framework law that demands accountability, fairness and transparency from all organisations that process personal data. It is clear that “data controllers” in Ireland continue to improve their compliance efforts, but higher standards of responsiveness to individuals seeking to exercise their rights are still needed in many sectors. The DPC will continue to target enforcement actions aimed at driving those necessary improvements, in addition to publishing decisions and case studies on its website to guide data controllers in the application of the GDPR. Operationalising the aims of the GDPR is an important work-in-progress for all of us and must continue.”

 

Steven Roberts, vice chair of the Compliance Institute’s Data Protection & Information Security Working Group talks to Graham Doyle, Deputy Commissioner and Head of Corporate Affairs, Media and Communications with the DPC about implementing the DPC’s 2022-2027 Regulatory Strategy, engaging with other Data Protection Authorities, developments around International Data Transfers, processing children’s data plus, policies and fines.