CISI Ireland members got to hear directly from the Central Bank on what they expect from financial institution as regards risk, at another highly successful and very well attended seminar on the 10th September. The keynote address was given jointly by Brenda O’Neill and Steven Clark, Head of Wholesale Market Conduct Policy and Implementation Team at the Central Bank. Brenda is the Head of Division, Securities and Markets Supervision Directorate.
The theme of the presentation was that for financial services firms, future success will not just be about avoiding incidents of misconduct but rather about a better culture and overall behaviour.
The seminar was attended by representatives from over 20 financial services firms including banks, asset managers and stockbrokers.
Ms O’Neill emphasised that it was not just about the numbers but culture and behaviour measured rigorously. “Mis-conduct doesn’t define conduct” she noted. Traditional models for financial services are changing at a rapid rate and part of the Central Bank’s remit, through its Market Scan process, requires looking ahead to see what might over the horizon and the extent of Irish financial services firms resilience and readiness to mitigate any attached risks.
It is also essential, Mr. Clark pointed out, that all employees in the financial services sector involved in risk management fully understand the true underlying risks and not just be experts in process.