7.2.24. Firms and holding companies should implement procedures to manage the firm's/holding company's compliance obligations with Section 21 of the 2010 Act and the Certification Regulations.

7.2.25. In this regard, the Central Bank recognises that firms/holding companies may wish to incorporate the certification process within existing processes and, as such, the Central Bank has not prescribed a format for certification. For example, some firms may wish to incorporate the certification process as part of their ongoing performance monitoring.

7.2.26. The Central Bank will engage in periodic follow-up with firms/holding companies regarding the appropriateness of and compliance with the certification process, through ongoing supervisory engagement and/or thematic inspections.

7.2.27. Further, there should be one individual within a firm with overall responsibility for certification. Accordingly, for those firms in scope of SEAR, an individual must be assigned PR 2 'Responsibility for the firm's performance of its obligations under the Fitness and Probity Regime (including certification)'. Whilst the day-to-day operation and management may be delegated to the relevant department(s), one individual must be assigned PR 2. For those firms outside the scope of the SEAR, in line with the existing approach to due diligence for PCFs and the Annual PCF Confirmation, the Central Bank considers the Chief Executive Officer or equivalent to be responsible and accountable for certification.