Home > Financial > Some Irish insurance companies are not Brexit-Ready warns Central Bank

Some Irish insurance companies are not Brexit-Ready warns Central Bank

Written by Robert McHugh, on 27th Sep 2019. Posted in Financial

article headline

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

More articles from Financial

image Description

Master International Business Transactions with These Top Payment Systems!

Read more
image Description

Ireland was fastest growing economy in Europe in 2022

Read more
image Description

Irish budget position was strongest in euro area

Read more
image Description

6 in 10 Irish consumers have no extra money left at the end of the month

Read more
image Description

Inflation is the number one concern amongst Irish consumers

Read more