1. Irish Financial Services Law
  2. Central Bank of Ireland
  3. Consultations
  4. 2023
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  1. CP153 - Enhanced governance, performance and accountability in financial services - Regulation and Guidance under the Central Bank (Individual Accountability Framework) Act 2023
  2. Annex 2 Draft Guidance on the Individual Accountability Framework
  3. Part B (paras. 2.1.1.-2.9.16.)
  4. Chapter 2 Guidance on the Senior Executive Accountability Regime (paras. 2.1.1.-2.9.16.)
  5. 2. The Senior Executive Accountability Regime (paras. 2.1.1.-2.9.16.)
  6. 2.5 Statements of Responsibilities (paras. 2.5.1.-2.5.13.)
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2.5 Statements of Responsibilities (paras. 2.5.1.-2.5.13.)

Closed
13 June 2023

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.

Comparing proposed amendment...
Submission of Statements of Responsibilities to the Central Bank (paras. 2.5.3.-2.5.8.)
Information to be included within a Statement of Responsibilities (paras. 2.5.9.-2.5.11.)
Updates to and retention of the Statement of Responsibilities (paras. 2.5.12.-2.5.13)
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