Recent events have demonstrated the importance of getting it right when it comes to the structure of corporate governance in a financial services organisation.

It is essential that the Board of Directors develop a system of governance that is transparent and includes clear reporting lines and accountability. Against this backdrop there is an ever increasing range of laws, regulations and guidance which influence the corporate governance framework including:

  • Pillar II of the Capital Requirements Directive (‘CRD’)
  • Basel Committee on Corporate Governance
  • Corporate Governance Code
  • Fit & Proper Requirements
  • ODCE requirements
  • Pillar II of Solvency II
  • Governance requirements under the Alternative Investment Fund Managers Direct (‘AIFMD’)

How can PwC assist you?

Drawing on PwC's leading international guidance on governance frameworks, we can work closely with your organisation to provide an objective and independent assessment of your current arrangements at a global, regional and local level. The assessment typically includes a review of the composition, the documented and undocumented duties and responsibilities of the governing board, key committees, management team, business units and internal support units such as risk, compliance and internal audit.

Separately, we can assist you in understanding the impact of new legislative requirements relating to the structure of governance in your firm and can evaluate supporting documentation on governance arrangements and assist you in responding with confidence to regulator observations or intervention.

For new operations or restructurings, we will work with you to make the right decisions on structure (the legal form, location and type of regulated activity) of your firm (both at local and group entity level) and the related governance system. Our legal and tax colleagues will ensure that all elements of the structure and system have been considered prior to going live or submission to the regulator.