the ‘Head of Compliance’ role holder, is not the effective Head of Compliance in that he/she only had oversight over certain aspects of compliance rather than the full spectrum of compliance issues); immature compliance functions and a lack of awareness, at board and management level, of the universe of compliance obligations, particularly those specific to the Irish entity; lack of understanding of, or adherence to, international standards and principles for compliance functions and the Central Bank’s Corporate Governance Codes9; inadequate compliance monitoring within institutions, including inadequate coverage of prudential compliance matters; poor compliance monitoring plans which do not provide details on the objectives, timelines and resource needs to monitor or assess compliance in the institution as a whole; and inadequacies in the reporting to the board and / or audit and risk committees.
We currently estimate that 12-month personal consumption expenditures (PCE) inflation through October ran at 6.0 percent (figure 1). 1 While October inflation data received so far showed a welcome surprise to the downside, these are a single month’s data, which followed upside surprises over the previous two months.