Money laundering is on the rise globally. Between 2016 and 2021, the yearly number of cases brought to the European Union Agency for Criminal Justice Cooperation doubled, bringing the total number of registered cases for that period to 3,000. In Ireland alone, the number of recorded money laundering crimes increased significantly from 86 in 2018 to 701 in 2021.

For many businesses, the COVID-19 pandemic’s manifestation as a black-swan event highlighted the shortcomings of the organisation’s risk awareness and risk management ability. In 2023 and beyond, the need for a trusted Internal Audit business partner, with a truly enterprise-wide risk lens, has emerged as a must-have rather than an optional extra. Knowing yourself, and in particular knowing which areas pose the greatest risks to your organisation are critical in today’s business and regulatory environment.

The Central Bank published the Cross Industry Guidance on Operational Resilience in December 2021 expecting firms to be in a position to evidence compliance within two years. It has now issued an Operational Resilience Maturity Assessment to firms in all sectors to assess the level of preparedness in the financial services industry.