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Q1 2020

Ian Nelson, Head of Banking & Capital Markets, and our banking team have compiled a collection of KPMG's latest publications and articles which focus on developments in, and issues facing the banking industry. 

Senior Executive Accountability Regime

The Central Bank has referred to the need for a new Individual Accountability Framework in Ireland. Globally regulated firms are being required to identify senior managers, allocate responsibilities to these senior managers, draw together responsibility maps for the firm and ensure that senior managers (and in some cases a wider range of staff) are fit and proper for their roles and meet conduct rules established by the regulator.
This increasing focus on individual accountability has been driven by three main factors - to constrain excessive credit and market risk taking, to mitigate retail and wholesale misconduct risks, together with the greater emphasis on culture, and to hold individual senior managers to account. 

For more information on how KPMG can help, please contact Gillian Kelly or Yvonne Kelleher.

Sustainability

Institutions are subject to an increasing set of non-financial reporting requirements relating to ESG factors. A swathe of new requirements will soon impact the investment and lending appetites of EU financial institutions. Coupled with increasing investor demands, these new rules could have a profound impact on companies’ ability to raise capital, within the EU and beyond.

Institutions need to take action now on assessing sustainability risks and opportunities for their businesses and on proper ESG disclosures, in order to be prepared for these changing demands and for the growing expectations of companies' financial and non-financial reporting. 

A recent KPMG paper looks at the increasing set of requirements relating to environmental, social and governance (ESG) factors, from both accountancy bodies and financial regulators, and their impact on companies and enterprises of all kinds.

For more information on how KPMG can help, please visit our Sustainable Futures homepage

Digital Transformation

Technology is disrupting today’s business models and creating tomorrow’s. Digital transformation offers opportunities for every organisation that is prepared to think boldly and act confidently. KPMG have published a guide for your digital transformation journey (PDF).

Among the more compelling findings in this year’s KPMG CEO Outlook is the increased focus of business leaders on agility and the ability to challenge and disrupt business norms. This is the fourth KPMG CEO Outlook and involved 1,300 chief executives around the world, including Ireland, who discussed how they are confronting long-held market orthodoxies and assumptions that govern decision-making.

For more information on how KPMG can help, please visit our Digital Transformation homepage

FinTech

Ireland is fast becoming a global centre for harnessing the FinTech opportunity. Its vibrant, dynamic technology sector, well established global Financial Services centre and proactive eco-system has provided the perfect fit for international FinTech companies seeking to expand and grow.

KPMG partners Owen Lewis and Michael Daughton spoke about the innovation in payments, cyber security and the implications of the new PSD2 regulations.

For more information on how KPMG can help, please visit our Fintech homepage.  

Regulatory Developments

KPMG released a webinar, in which we discuss the recently published regulatory priorities and workplans for 2020 and share our insights on what to expect in 2020. The webinar covers a range of topics, including, ECB Risk assessment for 2020, SSM Supervisory Priorities 2020, CBI Priorities 2020, EBA Work programme 2020 and SRB Work programme 2020 and expectations from banks.

The EBA’s draft Guidelines on loan origination and monitoring  are the new standard for credit underwriting in Europe. These Guidelines have the objective to improve the overall credit risk management practices in Europe and to ensure more robust, prudent and uniform lending standards between banks and EU jurisdictions. The Guidelines are expected to be implemented by banks from 30 June 2020 and KPMG can help assess the implications for Irish banks as outlined in a recently produced thought leadership publication.

For more information on how KPMG can help with assessing the impact of regulatory developments please visit the regulatory consulting homepage

How can KPMG help?

KPMG has a large team of professionals with extensive knowledge and expertise in Financial Services, Banking, Aviation Finance and Leasing, Insurance and Asset Management. KPMG Ireland can leverage a network of multidisciplinary professionals, stretching across Europe and beyond. Supported by this global network KPMG Ireland can provide a broad range of support, advice and guidance on how to address the challenges you face.  

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