The Compliance Files

In the first episode of season two we speak to Ian Drennan, Director of Corporate Enforcement, on the role and powers of his Office, the implications of the Hamilton Report and the Action Plan. During this conversation is a discussion on what Boards should be doing to learn the lessons of the past.

We are delighted to launch a new feature of our ICQ Magazine, the ICQ Audio Special. Each edition of the ICQ, we will select an article that will be read aloud and will be followed by an interview with the author.

For our inaugural ICQ Audio Special we have selected Time to Act: New Standard Contractual Clauses and Practical Considerations for Financial Institutions by Flavien Corolleur Senior Legal Counsel/ Director & Data Protection Officer at SS&C Financial Services (Ireland) Limited and member of the ACOI DP&IS Working Group.

The Minister for Finance, Paschal Donohoe TD, received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill on Tuesday 27th July 2021, the main purpose of which is to improve accountability in the financial sector.  In the 4th episode in the ‘Voice of Compliance’ series, we are delighted to have James Meagher, Head of Compliance and Conduct Risk at Permanent TSB and Orla O'Connor, Chair and Partner, Finance and Financial Regulation, Arthur Cox speak to ACOI President, Kathy Jacobs on the legislative and regulatory framework for Fitness and Probity, the Central Bank's Dear CEO Letters, changes to the Fitness & Probity regime given the imminent approach of the SEAR regime and what firms should do in anticipation of and preparation for SEAR.

SEAR Press Release

One of the roles of the Central Bank of Ireland is to assess the suitability (i.e. fitness and probity) of individuals put forward for certain senior roles (called preapproval controlled functions or ‘PCFs’) in regulated firms. As part of their assessment, they hold one or more interviews with a PCF applicant. This Guide provides an overview of the fitness and probity interview process, what to expect on the day of the interview and what happens after an interview. 

F&P Interview Guide

ACOI President Kathy Jacobs, speaks to Liam McKenna, partner, Mazars, about data protection certification approved under GDPR articles 42 and 43. The first data protection certification is expected to be approved this summer with EuroPrivacy the certifying body. Kathy and Liam discuss the operation of a certification regime under GDPR and also the benefits, opportunities and the obligations for data controllers.

The Voice of Compliance - is with Alan Moore, Data Protection Specialist at MetLife and guest host, Tom O'Connor, ACOI Data Protection and Information Security Working Group Chair. Their conversation looks at the role of the DPO, how you might get into Data Protection and what you need to be effective and successful. They also discuss the elements of an effective data protection framework and DP regulatory developments and future challenges. 

ACOI President Kathy Jacobs, speaks to John McCarthy, Deloitte, about new Regulations commenced on 19 April 2021, where (re)insurers authorised by the Central Bank of Ireland are now required to prepare pre-emptive recovery plans by 31 March next year. Their conversation covers the basics of what a recovery plan is as well as delving into the detail regarding the macro benefits, regulator's reasoning, key elements of a recovery plan and what does the future hold.

In this week's episode Kathy Jacobs, ACOI President, speaks to Fiona Savary and Rene Sandor of CMS in Munich about the GDPR Enforcement Tracker on data protection authorities' fining activities that they developed and the trends coming out of enforcement actions and decisions from the Data Protection Supervisory Authorities in Europe and as documented in the CMS GDPR Enforcement Tracker.

To view the the GDPR Enforcement Tracker or the CMS Report, please see the links below:

GDPR Enforcement Tracker

CMS GDPR Enforcement Tracker Report

In this week's episode Kathy Jacobs, ACOI President, speaks to John Devitt, CEO, Transparency International Ireland about their recent report - Safe Haven?’ Targeting the Proceeds of Foreign Corruption in Ireland. During their conversation we hear about a number of high-profile cases involving the laundering of bribes and embezzled state assets through finds managed in Irish-based banks and insurance firms and John outlines the most important recommendations that would make the biggest impact.

In this week's episode we have a reversal of roles as Kathy Jacobs, ACOI President, is interviewed by guest-host Kevin Adam of Broadgate Search. Kathy brings us through her career and the five ages of compliance. Kathy also gives advice to those looking to enter the compliance industry and as a hiring manager what she looks for in a potential employee. Plus, Kathy gives her perspective on the challenges facing those working in compliance in the 2020s.

In this week's episode Kathy Jacobs hosts a panel discussion with Lorna Smith, Alison Gibney and Karen Killalea of the Maples Group. The themes of the discussion are the principles and practices of good corporate governance for regulated firms and this week's guests give their insights on expectations from the Central Bank, inspections, HR tools & policies as well as the evolution of corporate governance as a result of the pandemic and SEAR, Diversity and Inclusion.