Whilst not unique to the Irish experience, some are lessons which we in Ireland learned, to devastating effect, the ‘hard way’. What I will say is that the overall governance, regulatory and supervisory system is designed with lines of responsibility to manage and mitigate risk effectively.
In the banking and financial sector, the primary responsibility for risk management in individual financial institutions lies with their executive management and boards of directors. This is supported by internal audit and compliance functions within the banks, and external auditors.