PwC and Insurance Ireland are co-hosting a breakfast briefing to launch a CEO Survey Report this morning.
The Central Bank of Ireland Deputy Governor for Prudential Regulation, Ed Sibley, raised some of the key future challenges that insurance firms need to better prepare for. As the insurance industry is arguably the most exposed financial services sector to the risks, challenges and opportunities of innovation and climate change, Sibley warned that the industry must take action now to meet these challenges successfully.
Deputy Governor Sibley urged CEOs to prepare for the plausible scenario of the UK leaving the EU without a deal. He warned that too many firms are not getting the fundamentals right, with ineffective IT risk management practices, weaknesses in IT security, a lack of effective oversight of IT, and weaknesses in the management of outsourcing.
Speaking this morning, Deputy Governor Sibley said, "Based on the work we have undertaken in the Central Bank, the work of the Oireachtas, the actions taken by the European Commission and the work in individual firms, I am satisfied that the Irish financial system is, overall, resilient enough to withstand a hard Brexit."
He added, "However, not all regulated firms are adequately prepared. There is no excuse for this, even accepting that there remains considerable uncertainty. You owe all your stakeholders, including and most importantly your customers, a duty of care to ensure that you are prepared."
Source: www.businessworld.ie