The Irish Individual Accountability regime and cultural change

Blanaid Clarke

Chapter 5 in Corporate Governance and Culture in Financial Institutions, 2025, pp 143-170 from Edward Elgar Publishing

Abstract: The stimulus for Ireland's new individual accountability framework (IAF) was a review undertaken by the regulator, the Central Bank of Ireland, into cultures and behaviours in the five main retail banks in Ireland. This chapter analyses the key features of the relevant regulatory regimes before exploring the nature of the two new duties. Both these duties require individuals to take ‘reasonable steps’, and thus a clear and consistent understanding by both the regulator and the regulated as to what might be considered ‘reasonable’ in the circumstances is essential. Further, the chapter explores two of the main concerns identified in relation to the operation of the IAF: the potential contradiction between individual accountability and collective decision-making; and the application of SEAR to all non-executive directors.

Keywords: Irish; Senior Executive Accountability regime; Central Bank of Ireland; Individual Accountability Framework; Duty to take reasonable steps; Statement of responsibilities; Management responsibilities map; Conduct standards (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035317899
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