Welcome to Issue 8 of the Grant Thornton FS Download. This issue summarises the current hot topics across the Financial Services sector in Ireland.


The Individual Accountability Framework - Key Decisions before Implementing IAF

In this article, a focus is given to key decisions that RFSPs will need to consider making before implementing IAF. These decisions will shape your programme and touch on areas including implementation, organisational culture, technology solutions and existing controls.

Impact of International Accountability Regimes

During the second half of 2022 the Individual Accountability Framework (“IAF”) legislation is expected to be published.The draft bill published in July 2021 contained four main parts, and particular focus has been given to the Senior Executive Accountability Regime (“SEAR”). SEAR is novel, has significant implications for Regulated Financial Services Providers (“RFSPs”) and their senior management.

Central Bank Expectations on Outsourcing

All regulated financial services providers (RFSPs) with a PRISM impact rating of medium-low or above should now be preparing to submit their first outsourcing register using a new online return. The first submission is due by 31 July 2022.

Changes to the Outsourcing legislation, specifically when offshoring

A new working world. Significant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work.


Tax Time - Come fly with me

David Moran, Tax Associate Director with Grant Thornton is joined by Ken O’Connell, Tax Manager, with Grant Thornton Ireland. David discusses the latest developments in the world of tax. Ken shares his insights into the Irish Aviation Industry including how the industry is bouncing back from the Covid-19 pandemic and how it is dealing with the Ukraine crisis.

Special Assignee Relief Programme (SARP) – 2022 updates

SARP was first introduced in 2012 to encourage the relocation/assignment of key employees to Ireland. Where certain conditions are satisfied, 30% of taxable employment income over €75,000 will be disregarded for income tax purposes.

Irish tax treatment of employee benefits

There are a wide range of Benefits-in-Kind (i.e. non-cash benefits) which employers may include in employment packages for employees. There are also some other non-financial benefits which employers can offer to make employment packages more attractive.

International Tax Webinar – Ireland’s place in a changing global landscape

The international tax landscape is undergoing a period of unprecedented change which will impact many multinational groups in Ireland. Many of the changes are also relevant to domestic Irish businesses. 

DAC6 EU Mandatory Disclosure Requirement

The EU Mandatory Disclosure Reporting directive was implemented in 2018 and applies to all reportable cross-border arrangements implemented after 25 June 2018. The first reporting was due to commence in July 2020 but due to delays arising from the Covid-19 Pandemic, reporting was deferred in most EU Member States until January 2021. 


Recovery Planning

This is the first article from Grant Thornton in our series on the Central Bank of Ireland (Central Bank)’s recovery plan Requirements. This introductory article provides an overview of the key requirements of the legislation, the timelines involved and main topics included in your recovery plan.

The integration of sustainability risks in the governance of insurance and reinsurance undertakings

In line with the EU’s ‘Financing Sustainable Growth’ Action Plan 2018, the European Commission adopted a number of delegated acts which will impact (re)insurance undertakings and insurance distributors.  These changes will apply from 2 August 2022.


Machine learning in IRB

How Grant Thornton can help you understand the challenges surrounding the implementation and validation of machine learning techniques in IRB models. This paper will provide an overview of the current and future uses of Machine Learning in the world of Internal Rating Based (IRB) Models which allow banks to model their own inputs for calculating Risk Weighted Assets.

Operational Resilience Maturity Assessment

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.


The Grant Thornton GT5K Race Series is back!

The GT5K Corporate Challenge is back with three in-person events in Cork, Galway, and Dublin promising to be bigger and better than ever! Can't make it to one of this year’s in-person runs? Don’t worry, as we’ll also have a Virtual GT5K event taking place on the day of our flagship Dublin Docklands run on 4 October so you can take part no matter where you are in the world.

Sustainathon is back!

Sustainathon is a collaborative and fun event aimed at bringing the Irish Funds Industry together to identify solutions that promote sustainability.

It is centred around the UN’s 17 Sustainable Development Goals. Participants will be asked to assess and identify achievable and impactful steps that the Irish Funds Industry can implement - the proposed solutions could relate to product innovations, new platforms for engagement, corporate initiatives, use of technologies, or other ideas.

Asset Management Conference – Date and venue change

Due to the date change of the Irish Government of Budget 2023 we have rescheduled the Asset Management conference to the 11th of October 2022. It is now taking place in the National Gallery of Ireland at 7:45am. 

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