On 7 December 2022, the Central Bank of Ireland issued a ‘Dear Chair’ letter addressed to fund management companies regarding its latest work on the effective application of the Fund Management Companies – Guidance. Our Risk Consulting team has produced the PDF guide and video below to explain this letter and how it might apply to your business.
How can KPMG help?
Our CP86 team is a blend of Regulatory and Risk experts who have worked in regulatory policy, supervision and enforcement divisions of the Central Bank and have extensive experience in providing assistance to our clients on CP86 challenges from implementation to compliance. Our blended team will give you the right level of regulatory and risk experience which is key to embedding your
CP86 framework and ensuring on-going compliance with the Central Banks requirements. We can assist you with addressing the Regulator findings or we can complete an independent review to ensure you are addressing all of Regulator findings and compliant with CP86.
Our services
Overarching Governance & Risk Framework review:
- We can assess your overarching Governance and Risk Management Framework to ensure it is adequately designed and fully considers the local regulatory environment.
- We can assist you with the assessment of the design and operating effectiveness of your CP86 framework to ensure it is fit for purpose for continuous compliance with CP86.
Operational Resilience
- We can help design an Operational Resilience model fit for your Business and wider organisation.
- We can help identify, define and map your firm’s Important Business Services and the operational assets that underpin the delivery of these services.
- We can assist in the development of your Firm’s Business Contingency Plan with scenario testing and Impact Tolerances
Perform a Gap Analysis & Impact Assessment:
- We can complete an assessment of your CP86 compliance / we can independently review the gap analysis completed by you. We also designed a self - assessment questionnaire.
- We would be delighted to discuss this with you. We will use our purposely built CP86 gap assessment tool to highlight areas of weakness and prioritise actions using our risk base scorecard
Remediation Assistance
- We can assist you address any weaknesses / issues identified and in particular in response to an RMP you may have received from the Regulator
- We can assist you with implementation of these remediation plans or assessment to determine if they are addressing the Regulators expectations
Get in touch
If you have any queries on the CBI survey or related issues, please contact our Risk team below. We'd be delighted to hear from you.
Gillian Kelly
Partner, Head of Consulting
KPMG in Ireland
Ian Nelson
Partner, Head of Financial Services & Regulatory
KPMG in Ireland
