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EisnerAmper Ireland | PCF Services | Risk & Regulatory Services | EisnerAmper Ireland Ireland

EisnerAmper Global

PCF Services

We deliver Pre-Approval Controlled Function (PCF) Services so you can focus more on your core business while fulfilling your compliance requirements.

Our specialist Risk & Regulatory team, led by former Central Bank of Ireland regulator, Dave Montgomery, delivers PCF role-holder and PCF support services that enable you to:

  • Fulfil Head of Compliance, Head of Internal Audit, Head of Finance and Chief Risk Officer PCF roles;
  • Access and utilise industry leading compliance and regulatory expertise, when required;
  • Deliver on your regulatory preparedness projects;
  • Enhance your compliance and risk management structures, policies and procedures;
  • Focus on your core business activities; and
  • Achieve demonstrable regulatory compliance.
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Our PCF Services typically include:
  • Outsourced PCF-12 Head of Compliance, PCF-13 Head of Internal Audit, PCF-11 Head of Finance, PCF-14 Chief Risk Officer and PCF-39 Designated Person Responsible for Regulatory Compliance role-holder services;
  • Support the implementation of PCF role-holders including liaising with the Central Bank of Ireland (CBI);
  • Performing gap analysis exercises to ascertain compliance with regulatory requirements;
  • Reviewing Compliance and/or Risk functions and related arrangements such as terms of reference, set-up, policies, procedures, reporting lines and their interaction with other control functions;
  • Development of compliance frameworks based on agreed objectives, framework logic, structural integrity, consistency and appropriateness;
  • Leading delivery of compliance projects;
  • Providing advice, support and oversight to risk and compliance functions, personnel and management;
  • Presenting all policies, procedures and tools to your Board for approval; and
  • Compliance testing, monitoring, board reporting and staff training.
PCF Services Case studies

Below are some examples of how we have helped our clients:

Investment Services (MiFID) & Stockbroking
Investment Services (MiFID) & Stockbroking

A large MiFID firm and member of the Irish Stock Exchange engaged EisnerAmper Ireland to perform a regulatory Gap Analysis against regulatory requirements, review the compliance function of the firm, and to fulfil the PCF-12 role of Head of Compliance following receipt of approval from the CBI.

This currently on-going engagement involves a partner-led team onsite, working on a range of compliance function responsibilities, regulatory preparedness projects (e.g. MiFID II, PRIIPS, GDPR) and policy and operational development to enhance how the firm manages its compliance risks and provides appropriate structures, policies and procedures to enable successful, demonstrable compliance with regulatory requirements.

Our engagement activities included and/or continues to include:

  • Performing a gap analysis exercise to ascertain compliance with regulatory requirements (MiFID II);
  • Reviewing the Compliance function and related arrangements;
  • Leading the MiFID II implementation project to a successful conclusion;
  • Liaison with the CBI and other regulatory bodies as necessary to fulfil the role and to support the Company and Management team;
  • Fulfilling the PCF-12 Head of Compliance role;
  • Leading the GDPR project through to implementation, revising the policy suite for data protection and related aspects, providing training to staff on practical implementation matters, and monitoring compliance with requirements as they emerge; and
  • Representing the Company at the Irish MiFID Industry Association.

As a result of engaging with EisnerAmper Ireland the large MiFID firm achieved demonstrable compliance with appropriate regulation and continues to avail of on-going support from market leading specialists.

UCITS Investment Company
UCITS Investment Company

A UCITS investment company was seeking to enhance their compliance function and engaged EisnerAmper Ireland to provide overall management and monitoring of their compliance and risk frameworks.

EisnerAmper Ireland currently fulfils the UCITS investment company’s PCF-39 Designated Person Responsible for Regulatory Compliance role-holder requirements and support services. Specifically, our services include but is not limited to:

  • Implementing and managing a risk-based compliance monitoring program;
  • Overseeing licensing requirement and regulatory obligations for the business and PCF role holders, liaising with the regulator and other appropriate authorities as required;
  • Overseeing outsourcing arrangements;
  • Review of client AML in accordance with the company’s periodic client review process;
  • Assisting with ad hoc AML queries from operations staff;
  • Support the MLRO as required;
  • Maintaining appropriate written procedures to ensure compliance with applicable legislation, regulations and group policies, and monitoring adherence to such procedures;
  • Monitoring and advising on local and global regulatory developments and on their potential impact;
  • Providing advice and training to staff on regulatory compliance matters to ensure compliance with obligations;
  • Implementing group wide risk and compliance initiatives locally;
  • Monitoring the implementation of policies and procedures for preventing malpractices, including those that might reasonably be expected to affect adversely the stability and integrity of the market; and
  • Monitoring compliance with regulatory requirements applicable to conduct of business activities so as to promote the best interests of the UCITS and AIFs or the investors of the UCITS and AIFs they manage and the integrity of the market.

As a result of engaging with EisnerAmper Ireland, the UCITS investment company now has improved compliance and risk frameworks that are expertly monitored and managed by industry leading partners.

Learn more about how we can assist youtalk to us today.
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Dave Montgomery

Risk & Regulatory Partner

Dave was formerly the Deputy Head of Risk in the Central Bank of Ireland.  During his 12 years with the Central Bank, Dave established inspection teams and methodologies to supervise insurance and reinsurance firms and worked in banking sector regulation developing and implementing the Central Bank of Ireland’s regulatory risk appetite and risk assessment framework (PRISMTM).

A partner within the Firm’s Risk & Regulatory division, Dave advises financial services providers on risk, regulatory and compliance-related matters.  Dave provides authorisation application support to companies and investors, outsourcing solutions to operationalise compliance and risk function requirements, Pre-Approval Controlled Function support services, supports clients throughout the regulatory engagement lifecycle and specialises in the design and implementation of risk and compliance frameworks.

Contact
6 The Courtyard Building
Carmanhall Road
Sandyford
Dublin, D18 CA22
Ireland

Tel: +353 1 2933 459
L E

Tom Brennan

Risk & Regulatory Partner

As a Partner in the firm’s Risk & Regulatory division, Tom advises financial services providers on risk, regulatory and compliance-related matters.  Tom specialises in providing Pre-Approval Function support services, governance frameworks to comply with and enhance regulation, new regulations including GDPR and outsourcing of compliance reporting.

Many of these services are provided in conjunction with the firm’s technology solutions provider FinReg Global that provides a range of products to assist companies to prove demonstrable compliance with regulations, including Solvency II and Directors Compliance Statements.  Tom also has experience in setting up and managing MiFID, UCITS and AIFMD regulated entities and assisting clients navigating Central Bank of Ireland regulations.

Tom’s clients include financial service entities (including funds, investment firms and insurance companies), internationally based corporates and private equity clients setting up, operating and/or investing in and through Ireland.

Tom was previously CFO and Director of Mercer Ireland, a global financial services company providing pension, insurance, fund management, HR, investment and management consulting services. As CFO, Tom managed finance teams of over 50 staff and was responsible for all aspects of treasury and finance including the preparation of management and statutory accounts, regulatory returns and setting policies and procedures. In this role, Tom was responsible for annual revenues of €150m.

Contact
6 The Courtyard Building
Carmanhall Road
Sandyford
Dublin, D18 CA22
Ireland

Tel: +353 1 2934 209
L E

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