Friday 26 February 2016

Ireland: Banking Inquiry - final report published - governance recommendations

Somewhat belatedly, I note the publication of the final report of the Committee of Inquiry into the Banking Crisis, a joint committee of the Houses of the Oireachtas, at the end of last month: see here.

The Committee made a number of governance related recommendations, including: all board members should undergo compulsory continuing professional development appropriate to banking, risk and governance; banks' governance structures should ensure that the risk function has an independent, senior position in the management structure with direct access to the chairman and board; risk appetite in banks should be clearly defined at board level; and regular reviews of the internal audit function in banks should be strengthened to ensure conformity with best practice.

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