Insights

Grant Thornton has constructed a Physical Risk Quantification Framework in its effort to support financial institutions in identifying and measuring their Climate & Environmental (C&E) Risks. In this publication, we present our methodology, implementation, and key benefits of the framework.

The Central Bank of Ireland (‘CBI’) has recently issued its latest Anti-Money Laundering Bulletin, focussing on the Virtual Asset Service Provider (‘VASP’) sector. In this bulletin, the CBI has provided its observations on a number of significant and widespread deficiencies across authorisation applications received from VASPs where roughly 90% of all applications are not meeting the required standard.

The European Banking Authority (EBA) is implementing a new policy strategy regarding institutions’ Pillar 3 disclosures. The new Pillar 3 disclosures aims to promote transparency and enhance institutions’ management of Environmental, Social or Governance (ESG) risks. The EBA is encouraging institutions to foster an awareness of the important role ESG risks play in the transition to a greener economy.

On 27 April 2021, the Central Bank of Ireland published its feedback statement in respect of consultation paper 131 “Regulations for pre-emptive recovery planning for (re)insurers)” (“CP 131”). As a result of CP 131, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Recovery Plan Requirements for Insurers) Regulations 2021 commenced on 19 April 2021 and (re)insurers are now required to