At EisnerAmper Ireland, we are committed to providing practical, hands-on guidance that empowers our clients to navigate complex regulatory landscapes with confidence. In collaboration with the Irish MiFID Industry Association (IMIA), we hosted an event focused on one of the most critical regulatory assessments for financial services firms—the Supervisory Review and Evaluation Process (SREP).
This event was designed to offer participants practical insights into how firms can effectively prepare for and manage a SREP engagement with the Central Bank of Ireland (CBI). Our expert panel shared invaluable advice drawn from our extensive experience supporting clients through every stage of the SREP process.
The panel, featuring Frank Keane, Partner, Risk & Regulatory; Carina Myles, Partner, Governance, Risk & Compliance; and Ronan Murphy, Partner, Head of Internal Audit, led a discussion on how firms can best prepare for a SREP visit. The session covered essential topics such as:
Documenting Your Strategy and Business Model Risk Assessment:
Ensuring that your firm’s strategy and risk assessment are thoroughly documented and aligned with your business model is crucial for meeting regulatory expectations. The panel shared industry practices on how to approach this critical step. Regulators are alive to incongruence between the strategy and the risk assessment.
Evaluating Internal Governance & Risk Management Frameworks:
A key component of the SREP is the assessment of internal governance structures and risk management frameworks. The team offered insights into how firms can strengthen these areas to meet CBI standards. Regulators will be looking for evidence of an adequately assessed control environment. Regulators will have an expectation that Internal Audit functions follow –up proactively on their own findings and those of Supervisors, along with any remedial actions taken in response – and to report back to Boards on this process.
Preparing Your Internal Capital Adequacy and Risk Assessment Process (ICARAP):
The ICARAP forms the backbone of a firm’s ability to manage capital adequacy and risk. Our team discussed how to ensure this document accurately reflects your firm’s risk profile and capital needs. Reliance on undocumented or informal governance processes will not satisfy Regulators.
Throughout the event, our panel emphasised the importance of preparation for a SREP review. Key takeaways included strategies for:
– managing the feedback received from CBI post-review;
– implementing ongoing improvements based on regulatory insights; and
– continuously evolving internal frameworks to stay compliant.
With experience guiding clients through their SREP reviews, EisnerAmper Ireland’s Risk & Regulatory, Governance, and Internal Audit teams are uniquely positioned to support firms at every stage of the process.
We understand the complexities of regulatory compliance and risk management. Our dedicated teams provide a comprehensive suite of services, including:
– Risk & Regulatory Advisory: Helping clients navigate the evolving regulatory environment and ensuring compliance with CBI and MiFID regulations.
– Governance, Risk & Compliance: Designing and implementing robust governance frameworks that support long-term success.
– Internal Audit Services: Providing independent reviews and assessments to strengthen internal controls and ensure effective risk management.
If your firm is preparing for a SREP visit, or if you have recently undergone one, our expert partners – Frank Keane, Carina Myles, and Ronan Murphy – are available to provide guidance and support throughout the entire process.
We are committed to helping our clients excel in their regulatory obligations while driving strategic growth. Thank you to all who joined us, and we look forward to continuing these important conversations with our clients and industry peers.
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