This programme is a new benchmark in the financial services designed to assist our members in developing an effective consumer-focused culture and is highly relevant to all roles and functions from new entrants to senior managers including;
All financial institutions’ frontline staff
All financial institutions’ central functions including compliance, operational risk, internal audit, credit review, legal, finance, information technology and change management
Accredited Product Advisors (APA)
Qualified Financial Advisors (QFA)
Non-financial institutions including auditors, accountants, lawyers, stockbrokers and business consultants who provide risk management advisory services
On successful completion of this programme, you will be able to;
Understand the regulatory expectations of the Central Bank of Ireland’s guide to Consumer Protection Risk Assessment (CPRA)
Explain the (CPRA) impacts on customers, employees, Financial institutions and on markets
A deep practical understanding of CPRA product life cycle with emphasis on product development, sales/transaction prices and post-sales handling modules
Explain why culture is important and what effective consumer focused culture looks like
Explain ethics in Financial Services, its relevance and importance
Understand importance of customer experience and its relationship with culture
An understanding of approaches to Ethical decision-making models, framework and challenge including: whistleblowing, speaking up and managing conflicts of interest
Understanding consumer focused behaviours
If you hold an IOB designation or a designation managed by IOB, CPD hours may be awarded on successful completion of this programme
CPD hours awarded on completion of the programme;
QFA, APA, Registered Stockbroker, Grandfather 8 hours (4 in Ethics)
Professional Banker, Chartered Banker, Certified Bank Director 3 hours in Ethics
PIP4 hours in Ethics
LCOI, FCOI 8 hours (4 in Ethics)
CFCPP, CDPO 2 hours in Ethics
A combination of continuous assessment and an end of trimester two hour written exam.
When you successfully complete this programme you will be awarded a Professional Certificate in Consumer Protection Risk, Culture and Ethical Behaviour in Financial Services from UCD. This is a level 7 qualification on the National Framework of Qualifications.
Aisling O'Sullivan - Programme Manager
The minimum entry requirements are as follows:
• Five passes in the Leaving Certificate, including English and Mathematics
• Five O Level/GCSE passes, including English Language and Mathematics.
IOB will also consider applications on a mature candidate basis from applicants who are 23 years of age before the date of their application for admission to the programme.
You must be a current member, or become a member of IOB if you are not already an ACOI member.
(NFQ level 7, 5 ECTS)
Consumer Protection Risk Assessment and Conduct Risk
Consumer Protection Risk Management Frameworks (CPRMF). Conduct risk and conduct risk standards. Selling financial products appropriately - including outcomes. Understanding of customer experience. Drivers and causes of conduct risk. Constituents of conduct risk including behavioural economics. Relationship with the overall banking risk framework. Conduct risk appetite statements. Conduct risk policies and common metrics. Conduct risk impacts on customers, on employees, the financial institution and on markets.
Culture and Behaviour
Understanding the importance of culture in ensuring good customer outcomes. Indicators of an effective risk culture. Regulator expectations and reports. Roadmap for achieving desired culture. Governance arrangements around the design, monitoring, and analysis of culture MI. How culture can be assessed in organisations/culture audits. Understanding the role of group dynamics. Diversity, inclusion and its impact on decision making. Understanding the impact of biases when making compliance decisions. Understanding and embedding ‘Consumer Focus’ behaviour. Understanding the role of mind-set and sense-making on behaviours and how this is being applied in supervision of culture and behaviours. CPRA and Behavioural Economics.
Foundational concepts of ethics, values and integrity. What it means to be ethical in financial services and how the right ethical climate supports good decision-making. What obligations does the financial services industry have to customers? What is the right thing to do?. What happens when things go wrong. How to effectively challenge and escalate.