2.5.1. Under the SEAR Regulations, firms must ensure that each individual in a PCF role at an in-scope firm has a documented Statement of Responsibilities which clearly sets out their role and therefore indicates their Inherent Responsibilities, and also outlines the Prescribed Responsibilities and Other Responsibilities which have been allocated to them.

2.5.2. Statements of Responsibilities will promote clarity and transparency of individual responsibilities to both firms and the Central Bank and should be utilised by firms in the embedding of an effective governance framework.