Conference to Focus on Accountability of Banks
17th October: The Irish Banking Culture Board (IBCB) has today hosted a Behaviour and Culture Conference which focussed on the Central Bank of Ireland’s (CBI) Individual Accountability Framework (IAF) and the progress made by IBCB member banks in its implementation.
The event included several panel discussions with delegates of national and international regulators from the CBI and Federal Reserve Bank of New York, leading academics, and representatives from across IBCB’s member banks who have overseen IAF implementation.
Speaking at the event, Chairman of the IBCB, Mr Justice John Hedigan, said: “The Individual Accountability Framework has been much welcomed by both the IBCB and our member banks. It provides a great opportunity for Ireland to emphasise the robust governance controls and focus on accountability in place across the Retail Banking system.”
In addition to showcasing how Irish retail banks implemented the IAF to enhance existing governance procedures and provide clarity to role-holders, the event was an opportunity for IBCB member banks to share lessons learned and high-level best practice with other financial sector entities who are working to implement the requirements.
Speaking at the event, Central Bank of Ireland Deputy Governor, Derville Rowland, said: “The expectations set out in the IAF are already familiar to regulated firms in Ireland. Our experience is that the legislation enshrines the standards to which most firms and individuals already hold themselves. Nevertheless, where the framework has been embedded within a firm it supports their effectiveness with regard to safety and soundness, consumer and investor protection and financial resilience. As with all our work, our intention is to underpin and support the best outcomes for consumers.”
Commenting on the importance of the conference, CEO of the IBCB, Marion Kelly, said: “It is in the best interests of the wider financial services sector to effectively implement this critical piece of regulation. Individual accountability is at the core of good organisational culture and our member banks are committed to ensuring a thorough implementation at their respective banks, and to sharing the lessons learned with other financial sector stakeholders. Ireland is gaining international interest in our response to cultural issues in the sector, such as the IAF, and through this IBCB event, we have further opportunity to lead the way, support collaboration and engagement, and demonstrate that lessons have been learned from the mistakes of the past.”
Photo L to R: Derville Rowland, Deputy Governor, Central Bank of Ireland; Jade McDonagh, IBCB Head of Internal Bank Culture and Governance; Mr. Justice John Hedigan, IBCB Chair; Marion Kelly, IBCB, CEO; Professor Mary Condon, Member of the Central Bank of Ireland Commission
Photo Credit: Barry Dillon, Lens Works Productions