Financial Services Ireland

Keeping pace with regulation in Financial Services

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New regulatory technologies are changing the way Financial Services firms respond to regulation, giving them the tools to meet new and existing regulatory requirements across all aspects of their operations.


Firms are also accelerating their technology transformation in order to make them less vulnerable and more adaptable to crisis events.


Strong and effective corporate governance was a feature of the last financial recovery, and regulatory authorities are continuing their efforts to strengthen compliance in this area.  In Ireland this will be supported by the introduction of the Senior Executive Accountability Regime (SEAR) in 2022. This regime is not just about mapping responsibilities, it is about the active management of responsibilities to clearly display reasonable steps. Technology can play a critical role in both administering the regime and monitoring compliance.

The climate crisis, and the demand for businesses to be held accountable for their impact on our planet, is ushering in a new wave of regulation centering on sustainable finance. Green and blue finance and the demand for green and blue banking products will accelerate as banks, corporations and economies transition to carbon neutrality. The significant uplift in mandated and desired disclosures on progress will require improved data driven assessments.

The nature of compliance in financial institutions is evolving, in response to the changing nature of the business and regulatory expectations. Expectations of compliance functions have never been higher, which presents both opportunities and challenges as the compliance function seeks to adjust and enhance its role.

EY’s strong relationships with local, European and international regulators allow us to help clients keep pace with the changing risk and regulatory landscape, understand the impact of new legislation and implement the necessary changes across their organisation.

Financial institutions are also facing an unprecedented challenge in dealing with new transparency regimes designed to combat tax evasion by their customers.  Customer tax regimes such as FATCA in the US and the OECD’s CRS mean that firms are now required to understand the tax status of beneficiaries of financial accounts they maintain and, where necessary, report relevant financial account information to tax authorities.

Talk to us about how our EY teams can help your business to navigate this changing regulatory landscape.


Regulatory change thought leaders

Fidelma Clarke

FS Associate Partner, Risk, Sustainable Finance Lead for Banking & Capital Markets

Ciara Fitzpatrick

FS Director, Consulting, Insurance

Cormac Murphy

Banking & Capital Markets, Sector Leader

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We're now seeing focus move from banking, across to the insurance sector

Fidelma Clarke discusses the widespread impact of regulatory change.

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Fidelma Clarke
Associate Partner, EY Financial Services.
It's one of the most highly regulated industries in the world

Fidelma Clarke on her experience of helping global banks acquire and retain their licenses to operate in financial services in Ireland.

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Fidelma Clarke
Associate Partner, EY Financial Services.
One of the biggest challenges of the insurance sector is IFRS 17

Ciara McKenna on helping clients to navigate the far reaching impact of regulatory updates.

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Ciara McKenna
Insurance Partner, EY Financial Services.
We're seeing a broad consolidation agenda due to the cost of regulatory pressure

Alan O'Brien on the opportunities created by technological and regulatory evolution.

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Alan O'Brien
Strategy and Transactions Partner, EY Financial Services.

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