| When: | Dublin - Thursday 5th August, 1.00pm to 5.00pm
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| Venue: | Central DUBLIN City Venue |
| Cost: | €380 (No VAT). |
| CPD allowance: | Formal and Informal CPD: max 4 hours (subject to your professional body's rules). You may be able claim a mix of formal and informal hours for the full 4 hours of tuition (subject to your body's rules)
Institute of Bankers: CeB - 4 formal hours
Insurance Institute of Ireland/PSAB-GI: CIP - 2 formal hours CPD Member - 2 formal hours LCOI - 2 formal hours ACII/FCII: - 2 formal hours (This event can be used as part of your Chartered Insurance Institute (CII) CPD scheme requirement should you consider the content relevant to your development needs.)
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| Make a BOOKING: | Terms & Conditions and Cancellation Policy - Please Read Privacy Statement - Please Read
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“Extremely useful with good practical tips. I look forward to attending more seminars with Compliance Ireland.” (Financial Company - Financial Regulator Inspection course)
“Very useful course – particularly the real life examples discussed … Thanks.” (MiFID Firm – Financial Regulator Inspection course)
Do you know that: (i) the Financial Regulator is carrying out of Prudential, Risk, Consumer Protection Code, Governance, MiFID and AML/CFT, compliance visits in 2009 and has significantly increased supervision/inspection staff?; and (ii) 18 Irish firms have entered into settlement / disciplinary agreements with the Financial Regulator? “Responding poorly to, and badly managing, an inspection significantly increases the risk of a regulatory sanction” international (EU) financial regulator.
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The Financial Regulator powers are extensive and increasing. New laws, new powers and increases in inspection staff will see the Financial Regulator meet its stated sanctions policy objectives to: (i) promote compliance; (ii) operate in the public interest; and (iii) support the economic, efficient and effective pursuit of its strategy. Knowing how to prepare and manage a visit by the Financial Regulator is crucial. Getting it wrong will be costly in terms of management time, sanctions and a loss of reputation. A new Central Bank of Ireland Commission with greater inspection and enforcement powers is also planned for 2009 to perform more intense scrutiny of regulated firms in light of the failures at banks and other financial providers in 2008 & 2009.
AIMS:
This half day course provides a practical, hands-on workshop for directors, senior management, compliance officers, MLROs and operational staff on “How to handle a regulatory inspection conducted by the Financial Regulator” and understanding risk-assessment models used by the Financial Regulator.
BENEFITS:
Our in-depth experience as consultants and former international regulators has led us to conclude that many firms, although they may suffer a regulatory failure, compound issues by:
- not having a compliance risk map;
- not knowing their business model;
- not knowing key regulatory obligations;
- not being up-front with the regulator;
- failing to address the regulator’s concerns;
- not understanding the risks their business poses to consumer, financial stability and regulatory reputation; and
- not identifying and managing staff likely to be of interest to the regulator during visits.
By attending this course participants will gain critical knowledge on the above points, plus a full understanding of the conduct of Financial Regulator inspections, including its powers and modus operandi, pre-inspection documentation requests, on-site documentation reviews, the interview process and regulatory administrative sanctions. Inspections by the Financial Regulator involve the interviewing of directors (executive and non-executive), senior staff and reviews and assessments of documents to enable it to determine its risk assessment and perceived deficiencies at your firm. Managing a Financial Regulator visit is vital and failing to do so may give the Financial Regulator an unfair impression of your businesses.
We have helped many firms (banks, investment firms, intermediaries and insurers) in this space and the skills we will impart at training will give you the information, knowledge, documentation and confidence to handle an inspection by the Financial Regulator.
WHO SHOULD ATTEND:
- Directors (Executive and Non-Executive)
- Compliance Officers
- MLROs
- Customer Relationship staff & managers
- Heads of Risk
- Heads of Internal Audit
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