FinanceDublin.com - The IAF: embedding a culture of ethical compliance in regulated firms

The Central Bank's Individual Accountability Framework has been developed to address shortcomings in good governance and culture and to curb misconduct and excessive risk taking at regulated firms writes EY’s Jean-Philippe Grigy. He charts the development of the new framework, outlines its four main components, the implementation timeline and the steps that should be taken now to ensure firms and individuals are prepared for the new rules.

The Individual Accountability Framework (IAF) is a regulation created to improve executive accountability within the Irish Financial Services sector by increasing transparency between Regulated Financial Services Providers (RFSPs) and the Central Bank of Ireland (CBI).

In Ireland, the IAF regime has been designed to address the shortcomings on good governance and culture following the retail banking tracker mortgage issue and a subsequent review of the Behaviour and Culture of t....

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