Non-Executive SEAR 2025 Deadline is Approaching
Is your firm prepared for this and future regulatory milestones?
With the Senior Executive Accountability Regime (SEAR) extending to non-executive and independent non-executive directors by July 1, 2025, institutions across Ireland have an opportunity to prepare now. This upcoming milestone in Ireland’s compliance landscape signals an important step forward for organisational accountability, especially as SEAR continues to be a critical pillar of the Central Bank of Ireland’s Individual Accountability Framework (IAF), which took effect in December 2023.
SEAR Compliance: A Year of Progress
In 2024, SEAR brought its first wave of requirements, targeting credit institutions, insurance undertakings, investment firms, and relevant branches of foreign entities. These firms needed to establish Management Responsibilities Maps (MRMs) that:
- Clearly detail all Pre-Approved Control Function (PCF) roles,
- Assign explicit responsibilities to each role, and
- Include a process for regular updates to reflect ongoing changes in leadership or structure
This initial focus on executives set the foundation, helping organisations implement MRMs, draft Statements of Responsibilities (SoRs), and institute Conduct Standards to ensure processes were being followed. The year provided a valuable learning curve, as institutions adjusted to these standards and streamlined compliance operations for their executive teams.
2025: Extending SEAR Standards to Non-Executive Directors
As the next SEAR deadline approaches, non-executive and independent non-executive directors will now be required to meet the same stringent compliance standards. By July 1, 2025, these roles must be represented in MRMs, accompanied by up-to-date SoRs, and adhere to Conduct Standards and Reasonable Steps processes. Non-executives will now play an active role in ensuring an accountable and transparent governance framework, reinforcing a culture of compliance across all levels of the organisation.
Andy Atkinson, Director of Product Management at StarCompliance (Star), underscores the importance of early preparation:
“Organisations that have proactively implemented compliance programs for their executive teams this year are setting themselves up for success, ensuring they’ll be well-positioned to seamlessly extend compliance to non-executives by the 2025 deadline. For those yet to begin, it’s certainly not too late. Taking action now will guarantee readiness and compliance across all roles, empowering companies to navigate complex regulatory landscapes confidently.”
He continues, “Star is uniquely positioned as one of the only companies capable of organising and managing compliance for global organisations with a wide-ranging presence. Our platform supports the intricate needs of managing multiple regulatory regimes across diverse geographies and ensures compliance standards are upheld consistently, regardless of jurisdiction. For companies operating in multiple countries, this ability to oversee and streamline compliance for executives and beyond is a critical asset, particularly as regulations evolve.”
Why Early Preparation is Key for Non-Executives
Non-executive directors are increasingly expected to support the governance framework, monitor ethical standards, and contribute to strategic decision-making. SEAR’s extension of accountability standards to these roles underscores the expectation for a proactive stance on regulatory compliance from every part of the organisation.
Preparing early will allow institutions to smoothly transition non-executives into SEAR compliance, avoid last-minute adjustments, and foster a collaborative approach to governance. Furthermore, implementing these standards on time enhances the institution’s reputation and strengthens its governance framework, offering reassurance to stakeholders and the Central Bank of Ireland.
Ireland’s Senior Executive Accountability Regime: What Compliance Officers Need To Know
How Star Can Help with SEAR Compliance
Star offers a comprehensive SaaS-based compliance platform designed to simplify SEAR compliance for all roles within an organisation. Star’s Accountability & Competency platform allows firms to:
- Track and update responsibilities for both executives and non-executives seamlessly,
- Quickly and easily maintain and update MRMs and SoRs, and
- Monitor adherence to Reasonable Steps processes, fostering compliance continuity across levels.
The platform reduces administrative burden by automating key compliance processes and allows institutions to meet SEAR standards with greater efficiency. For non-executives who may be new to these formalised compliance requirements, Star’s user-friendly platform ensures straightforward, accessible management of their accountability roles, responsibilities, and documentation.
A Holistic, Global Approach to Accountability
Beyond meeting SEAR standards in Ireland, Star’s platform supports accountability frameworks in multiple jurisdictions, including Senior Managers Certification Regime (SMCR) in the United Kingdom, Individual Accountablity and Conduct (IAC) in Singapore, and Financial Advisers Regulation (FAR) in Australia, all from a single, streamlined solution. For organisations with a global footprint, Star offers an all-encompassing, best-in-class platform that ensures compliance standards are met across regions, fostering a unified approach to individual accountability.
Build a Culture of Compliance
As institutions prepare for the 2025 SEAR deadline for non-executives, the focus should be on cultivating a compliance culture that extends across the entire organisation. A proactive approach to regulatory changes, coupled with the right tools, will ensure that all roles—from executives to non-executives—are fully compliant, contributing to an ethical, transparent, and accountable environment.
Get ahead of SEAR deadlines, support non-executive engagement, and drive regulatory excellence with Star’s solutions, empowering your organisation to meet both immediate and long-term compliance goals.