Potential Risk Factors. As prescribed by the revised Code of Practice for the Governance of State Bodies, a risk management policy framework, overseen by the Audit and Risk Committee, was adopted by the Board and a formal Risk Management Committee, consisting of Senior Management, has been operational since 2009. The Risk Management Framework and Policy is regularly reviewed by both Committees. The monitoring of risk remains a standing item at Audit & Risk Committee meetings. The HFA is a financial business and the key risks associated with the business are, essentially, financial and treasury-related risk. The HFA carries out a comprehensive annual review of risks which is approved by the Board, and forms part of the HFA’s interest rate and reserves policy for subsequent years. The Board is informed on a quarterly basis of developments and corrective action, if required, is taken. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are: Financial Risks The Audit and Risk Committee assesses material risks namely: Treasury Risk o Funding, o Liquidity o Interest Rate Risk Other Risks Treasury Risk The HFA has developed a risk management process which includes constant reviews of its loans and advances portfolio and an on-going review of treasury related risk, which allows it to manage these risks. Funding Risk The HFA raises funding with the support of a Guarantee from the Minister of Finance, largely through the NTMA, local authorities and international agencies such as the European Investment Bank and the Council of Europe Development Bank. Marginal funding is raised via the NTMA using the Guaranteed Note Programme under an agreed pricing arrangement as approved by the Board. Liquidity Risk Liquidity Risk is the risk that the HFA will encounter difficulty in meeting its obligations from its financial liabilities. The HFA currently meets its liquidity requirements using floating rate notes held by the National Treasury Management Agency and which the Minister of Finance guarantees. In managing liquidity risk, HFA management hold regular meetings with the NTMA, the Banks, AHBs and other market participants to assess future loan demand and funding requirements; agree access to funding sources; explore alternative funding sources and structures; negotiate terms and conditions and obtain the necessary funding commitments. Interest Rate Risk In the context of the HFA’s Balance She...
Potential Risk Factors. The ISI operates a formal Risk Management policy and maintains a Risk Register. The ISI Risk Committee meet quarterly to review all risks. This ensures that risks are identified and assessed, and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the following potential risks were identified as the main areas that could negatively impact on the ISI in 2022: Funding of Bankruptcy Function given depleted Unclaimed Dividends Account ▪ The ISI agreed a solution with the Department/DPER on Bankruptcy funding for 2021/22. The ISI will work with the Department on funding for 2023 and beyond. Business Continuity ▪ The ISI adapted well to the business continuity risks caused by the Covid-19 Pandemic and ensured that access to insolvency solutions was maintained for debtors in difficulty. ▪ Achieved through logistical innovations, amending legislation, successful remote working arrangements and ongoing case management system upgrades. ▪ Given the current geo-political situation, remote access will be key in scheduling workloads in the event of any unforeseen occurrence impacting on site attendance. ▪ While insolvency activity was subdued somewhat during the pandemic it has stabilised and the ISI is well placed to deal with any recovery and/or increase in demand post pandemic. ▪ As a result, our risk is currently assessed as “Green” but given the unpredictable nature of Covid, and the geo- political context, we still assess it as a priority risk for monitoring purposes. GDPR ▪ Whilst ISI has a high level of compliance to GDPR requirements we initiated an exercise in late 2020 to maximise this through completing more detailed ROPAs and updating our data retention policy. We are also clarifying our records retention obligations with the National Archives. ▪ Good progress has been made but its completion in 2021 was impacted by a loss of key personnel. ▪ This exercise will be one of our priorities in 2022. Timely completion of IT projects within budget The ISI is completing a number of approved IT projects during 2022 including:- ▪ New bankruptcy case management system; ▪ Phoenix system enhancement project; ▪ Redevelopment of Back on Track website; ▪ EU Insolvency Interconnector project. Appropriate oversight and monitoring structures are in place, including SMT oversight, to ensure completion in a timely and cost effective manner.
Potential Risk Factors. The ISI operates a formal Risk Management policy and maintains a Risk Register. The ISI Risk Committee meet quarterly to review all risks. This ensures that risks are identified and assessed, and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the following potential risks were identified as the main areas that could negatively impact on the ISI in 2024: Adequate staff resources ▪ We have maintained a close relationship with HR over 2023 including conducting monthly meetings and working to retain promoted staff where possible. As a result we had reduced our vacancy rate significantly over the year. ▪ However, this continues to be an issue across the Civil Service and we expect this risk to remain at an elevated level in the ISI throughout 2024. It is particularly critical for the ISI given elevated staff turnover levels over the past two years and a consequent loss of highly skilled staff, especially through promotion. ▪ We will continue to liaise closely with HR and have mitigated somewhat the impact of a loss in specialist staff through appropriate operational restructuring. GDPR ▪ The ISI has a high level of compliance to GDPR requirements and we have completed an extensive exercise to improve our policies, procedures and training in the area. ▪ However, our organisation manages a large volume of sensitive information and we therefore consider this to be one of our top risks.. ▪ We are prepared for an audit of our GDPR compliance scheduled for Quarter 2 of 2024 and will welcome any further recommendations that flow from that audit. ▪ A related risk revolves around an increasing number and complexity of DAR requests, particularly in our Bankruptcy division. Dealing with these requests can require significant resources and carry a risk of non-compliance with statutory delivery deadlines. We have recently delivered specialist training to staff to help us deal more efficiently with these requests. IT Infrastructure and security ▪ A cyber-attack risks exposure of confidential financial information of debtors and/or substantial disruption to regular ISI operation of insolvency arrangements and bankruptcies. The ISI is fully dependant on the security and resilience of the ICT hosting services of the DOJ IM&T team and continues to engage around adequate disaster recovery assurances. ▪ The ISI has also taken action locally to train staff to be aware of potential cyber-attack techniques.
Potential Risk Factors. The PSRA operates a formal Risk Management policy and maintains a Risk Register and, in accordance with the Department of Finance Guidelines, this is updated on an ongoing basis. The maintenance of the Register ensures that risks are identified and assessed and necessary mitigating actions are, where resources allow, put in place. Reflecting the key priorities of the organisation, the main potential risks to the achievement of targets set out in this Agreement at the time of writing are: Continuity of online IT application system Risk to the protections inherent in licensing system due to unlicensed operators Number of/Large claim(s)on the Compensation Fund Dependence of Authority on Justice IM & T: non-implementation by DoJ IM&T of internal audit recommendations Inability to fulfil functions and statutory role due to the impact of Covid-19 Unexpected expenditure arising from statutory role (for example Judicial Reviews and Legal Costs)
Potential Risk Factors. A potential key risk is budgetary constraints. In the event of an insufficient budget available to pay compensation awarded by the Tribunal in the current financial year, the Department will seek a supplementary budget for the Scheme for that year through the standard Exchequer procedures. However, there is no absolute guarantee such a budget will be provided and in that event applicants may have to wait for the following year’s allocation to receive payment of their award. Another potential risk relates to the potential impact of judgments arising from legal proceedings concerning the Scheme. In such circumstances the Department may be required to seek legal advice to inform any necessary response arising from such judgments. The Department will forward to Tribunal members relevant Court judgments that may affect the operation of Scheme and will continue through the quarterly joint meetings keep the Tribunal generally appraised of legal cases concerning the Scheme.
Potential Risk Factors. As outlined in the Financial Statements published by the U-SA, robust arrangements are in place within the organisation to deal with risks, including any risk which could potentially impact on the expected level of service for the duration of this agreement. The Management, Audit and Risk Assurance Committee and the Board all have a role in the implementation of these arrangements. Sponsor Departments will continue to receive regular updates with regard to the organisation’s Risk Register. The biggest risk is human and financial resources.
Potential Risk Factors. Reflecting the key priorities of the organisation, the following potential risks were identified as the main areas that could negatively impact on the IFCO in 2020: Covid 19 restrictions. The measures in place at time of writing include the closure of cinemas. As long as this IFCO remains in a position to carry out its business but the demand for its services are severely curtailed. remains the business of IFCO will be very severely impacted and at present the effects are not quantifiable. There is no internal control of this situation but on reopening of venues we will be in a position to effectively deal with any backlog. As almost all theatrical and DVD submissions are now received online, a failure of connectivity would be a serious impediment to IFCO’s ability to function and possibly compromise published release dates. Ongoing service agreements with both DJE IT section and external providers mitigate the effects of any interruption and ensure resumption as quickly as possible Maintenance of sanctioned bank account Daily check on balances. Monthly reconciliation prepared and then approved by director. Dual independent access to transact banking business. Brexit As almost all material for classification comes from the United Kingdom, customs requirements might result in delays in receipt of material and consequently difficulties in meeting release deadlines. In 2019 we introduced the facility for online delivery of DVD submissions. In Q1 2020 our Lansat delivery system for theatrical films was updated. Both of these remove the need for physical assets and therefore eliminate this risk.
Potential Risk Factors. Reflecting the key priorities of the organisation, the following risks were identified as the main areas that could negatively impact on IFCO in 2021.
Potential Risk Factors. Reflecting the key priorities of the organisation, the following risks were identified as the main areas that could negatively impact on IFCO in 2023. As the number of theatrical and DVD submissions that are received online continue to rise, and remote working is normalized a failure of connectivity or security would be a serious impediment to IFCO’s ability to function and possibly compromise release dates. Ongoing Service arrangement with both the Department’s IT unit and external providers to mitigate the effects of any interruption and ensure resumption as quickly as possible. Ensure all communication with remote staff is through Department’s IT system. Failure to meet financial targets. Monthly reconciliation prepared and then approved by Director. Dual independent access to transact banking business. Future and potential viability of DVD market with increase in online delivery of home entertainment – particularly through streaming services. Monitor trends in home entertainment classification requests and licence applications. Engage with Coimisiún na Meán and other national and international stakeholders on the implementation of new statutory codes and rules on streamed home entertainment. Business Continuity New disaster recovery and business continuity plan being developed to reflect current post COVID working arrangements.
Potential Risk Factors. Reflecting the key priorities of the organisation, the following risks were identified as the main areas that could negatively impact on IFCO in 2023. Failure of connectivity or security would be a serious impediment to IFCO’s ability to function and possibly compromise release dates. Ongoing Service arrangement with both the Department’s IT unit and external providers to mitigate the effects of any interruption and ensure resumption as quickly as possible. Failure to meet financial targets and maintain required financial controls. Monitor trends in submissions and quarterly and sales annually. Monthly reconciliation prepared and then approved by Director. Dual independent access to transact banking business. Business Continuity New disaster recovery and business continuity plan being developed to reflect current working arrangements.
