CBI Supervisory Visits
As a regulated firm in the financial services sector in Ireland, you may, at some stage, be selected to take part in a thematic review and be subject to a supervisory visit by the Central Bank of Ireland. Our team of regulatory experts are here to help you prepare for the visit by making sure your systems and controls are in good order.
We help firms understand the CBI’s expectations and prepare the responses to the likely questions.
If the assessment indicates that you have remedial action to undertake, it is essential you select the right partner to advise and support you in the delivery of the remedial action as your response will determine your future relationship with the regulator and whether any enforcement action will take place.
“One of the Central Bank’s 2021 priorities is to continue risk-based inspections adapted for the new working environment across sectors with a particular focus on Virtual Asset Service Providers and firms performing activities listed under Schedule 2 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.”
The CBI uses thematic reviews to supervise the firms they regulate. They form a significant part of their approach to supervision.
Thematic reviews are used to assess a current or emerging risk regarding an issue such as ‘protecting client assets’, across a number of firms in the sector. It usually starts with desk based questionnaires and site visits which may ultimately lead to further investigation. It is always advisable to be as co-operative as possible from the outset of a thematic review.
Preparation is key when it comes to regulatory interventions
We can support your firm prior to regulatory intervention with preparatory work or post regulatory intervention with remedial work.
Contact us today for a free confidential consultation with one of our directors.
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