Welcome to the FS Download, a round-up the main topics across the Financial Services sector in Ireland.

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What’s Next for the Global Banking System?

The Basel Committee’s 2023-2024 Strategic Priorities

The Basel Committee on Banking Supervision—the primary global standard setter for the prudential regulation of banks—has identified five strategic priorities for best practices that are of great importance to the banking sector in these post-pandemic years.

These priorities mainly focus on assessing and mitigating the risk and vulnerabilities affecting the global banking system.

Guidance for (Re)Insurance Undertakings on Climate Change Risk

The issued guidance is largely unchanged from the proposed guidance (August 2022) and it is designed to clarify for (re)insurers their expectations to address climate change risk in their business and assist them in developing appropriate governance and risk management frameworks, which consider and address climate change risk.

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Policy Options to Reduce the Climate Insurance Protection Gap

Understanding the ECB and EIOPA's discussion paper

On 24 April 2023, the European Central Bank (ECB) and European Insurance and Occupational Pensions Authority (EIOPA) published their joint discussion paper on possible actions that can be taken to reduce the climate insurance protection gap and mitigate climate-related catastrophe risks in the EU.

Impact of Digital Operational Resilience Act (DORA)

Security Testing Requirements

The Digital Operations Resiliency Act (DORA) Regulation (EU) 2022/2554 aims to strengthen resilience, reliability and continuity of financial services throughout the European Union (EU).

DORA became active in Ireland on January 16th 2023 following publication in the Official Journal of the European Union on December 27, 2022. A two-year implementation period applies until January 17th 2025 after which organisations in-scope are expected to be compliant.

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Fast Read Summary of ECB Publications

Climate-related and Environmental (C&E) Risk from 2020 to present

Over the last few years the ECB have published a series of guidance and best practice publications in the Climate and Environmental (C&E) risk area.

These publications and best industry practices indicate that while banks have made progress in incorporating climate-related risk, there is a high level of inconsistency in certain practices and also areas for improvement. 

Squeezed Between Rates and Time

At a time when the global interest rate environment exhibited increasing trajectory and volatility, and further worsened by recent events that shook the stability of and confidence towards financial markets, financial institutions need to be on top of their game in managing its various risk exposures.

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Operational Resilience: Focused Solutions

Grant Thornton’s agile team of operational resilience experts are ready to deliver proven solutions to our clients based on regulatory requirements and their strategic priorities.

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With our finger on the pulse of this ever-evolving industry, we provide intermediaries with practical, cost-effective solutions to address your business needs, from outsourcing, assistance in navigating regulatory landscape developments and their impacts, statutory reporting requirements, to support with mergers and acquisitions.

Climate & Environmental Risks Physical Risk Quantification Framework

Grant Thornton (GT) has constructed a Physical Risk Quantification Framework in its effort to support financial institutions in identifying and measuring their Climate & Environmental (C&E) Risks.

Asset Managers Build Resilience Amid Friction

Throughout the past year, as severe challenges have continued to arise across the globe, the asset management industry has demonstrated its resilience in a variety of ways.

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Securing Activity Framework of Enablers (SAFE) Directive

An Overview

The European Commission has been revising the Securing Activity Framework of Enablers (SAFE) Directive, with intentions to implement the Directive in due course. The proposed policy carries a number of implications for tax intermediaries, which the Commission refers to as “enablers”.