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JCOA Regulatory Update 2020 Martin Moloney, Director General JCOA - - PowerPoint PPT Presentation
JCOA Regulatory Update 2020 Martin Moloney, Director General JCOA - - PowerPoint PPT Presentation
JCOA Regulatory Update 2020 Martin Moloney, Director General JCOA Regulatory Update 2020 Sarah Kittleson, Director of Supervisory Engagement Kerry Petulla, Head of Enforcement Risk-focused Supervision Supervisory and enforcement
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› Supervisory and enforcement activities based on risk-focused choices that are driven by the best risk indicators › A considered supervisory methodology focused on risk
Risk-focused Supervision
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Risk Assessment
Supervisory Plans Control Testing Data and reporting analysis Examination Meetings Desk based Activity
Entity supervision life cycle
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› Data › Notifications › Examinations › Control testing › Dialogue with Home Supervisor / Regulatory Colleges › Investigation of complaints › Financial Statement and Prudential Return reviews
Building risk profiles
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Referral to Enforcement from Supervision The balance between Enforcement action and
- ngoing Supervision
Enforcement investigations Types of Enforcement action
Enforcement action
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Settlement agreements
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› Early acknowledgment of breaches › Settlement discussions are held on a “without prejudice” basis › Discounts in financial penalty cases › Unsuccessful settlement discussions
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Supervision led remediation
› Examinations › Breaches › Control testing › Internal Audit remediation plans › Compliance monitoring remediation › Financial standing, cyber, business continuity
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