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Irish Fund Management Companies: managing corporate governance challenges

The Financial Times recently published an article stating that Ireland’s financial regulator has warned asset managers to correct “significant shortcomings” in their Irish entities' governance, raising questions about the viability of the delegation model in the country.

More concretely, the Central Bank of Ireland found uncovered failings in the country’s asset managers’ staffing levels, oversight, and risk management processes.

Apparently, a significant proportion of the 358 fund management companies registered in Ireland have not fully complied with regulations that came into force three years ago.

The regulators made a call to asset management companies to immediately meet the rules and warn that this is not only a one-time review. They will continue assessing that the appropriate level of due diligence is being carried out to ensure that they have sufficient substance behind them.

Improving oversight and risk management processes provides companies with a framework for monitoring and oversight of delegates, as well as delegated and retained tasks.

This framework offers ‘ready-to-go’ solutions for companies that want to implement their own measures and tools to meet the requirements laid down in the CP86 guidance paper, achieving sustainable business success by understanding critical business information, enabling them to identify and deal with exceptions while recording every action in a qualified and secure audit trail complying with regulations.

We also help ManCos address important tasks to have robust processes in place, such as:

  • Having an efficient survey tool to manage delegation oversight and initial due diligence on an ongoing basis.

  • Having a robust meeting platform, collecting meeting minutes and action points, following up on decisions and actions, and streamlining the minutes and signature workflow.

  • Handle all Corporate Governance aspects related matters. solutions can be easily tailored to your specific business needs while working closely together with our team of business and software experts.

Contact us today and find out how we can help you to adhere to the laws and regulations while at the same time focusing on the core of your business.

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