Featured Product

    Central Bank of Ireland Consults on Guidance on Operational Resilience

    April 23, 2021

    The Central Bank of Ireland announced that the Virtual Asset Service Providers (VASPs) in Ireland are now required to comply with the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations. This follows as the Fifth Anti-Money Laundering Directive (5AMLD) of EU has been transposed into Irish law by way of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021. VASPs are required to register with the Central Bank for AML/CFT purposes and have three months to apply to the Central Bank for registration. Additionally, the Central Bank of Ireland proposed the guidance on operational resilience of all regulated financial service providers, with the consultation period ending on July 09, 2021.

    The proposed guidance on operational resilience is intended to enhance operational resilience and recognize the interconnections and interdependencies, within the financial system, that result from the complex and dynamic environment in which firms operate. The guidance is built on the three pillars of operational resilience—Identify and Prepare, Respond and Adapt, and Recover and Learn. These pillars support a holistic approach to the management of operational resilience and related risks and create a feedback loop that fosters the perpetual embedding of lessons learned into a firm’s preparation for operational disruptions. The guidance:

    • Communicates to the boards and senior management of regulated financial service providers, the Central Bank’s expectations with respect to the design and management of operational resilience
    • Emphasizes board and senior management responsibilities when considering operational resilience as part of their risk management and investment decisions
    • Requires that the boards and senior management take appropriate action to ensure that their operational resilience frameworks are well-designed, are operating effectively, and are sufficiently robust, in an effort to ensure that risks to the firm’s operational continuity do not transmit into the financial markets

    In developing these proposals the Central Bank considered the responses to an operational resilience maturity assessment conducted across a sample of financial services firms in the fourth quarter of 2020. These self-assessments were designed to gain an understanding of firms’ views of their level of operational resilience preparedness. The assessment indicated that firms need to build on existing business continuity management approaches to take an end-to-end business services approach to the operational resilience of critical or important business services. The objective of this consultation exercise is to understand the views and experiences of stakeholders in advance of finalizing the guidance to industry on how to prepare for, respond to, and recover and learn from an operational disruption that affects the delivery of critical or important business services.

     

    Related Links

    Comment Due Date: July 09, 2021

    Keywords: Europe, Ireland, Banking, Operational Resilience, AML/CFT, Virtual Asset Service Providers, Operational Risk, Business Continuity, Governance, Central Bank of Ireland

    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EBA Publishes Single Rulebook Q&A, Launches Transparency Exercise

    The European Banking Authority (EBA) published answers to 29 questions in the Single Rulebook Question and Answer (Q&A) tool in September.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7495