Our approach to innovation
At Central Bank of Ireland, we are committed to playing our part in fostering an innovative and resilient financial sector– one that will serve the evolving needs of households and businesses into the future.
Our mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy.
Innovation in financial services has the capacity to bring many benefits to consumers, businesses and society.
It is essential for a competitive economy and a well-functioning financial system.
Innovation in financial services is important to ensure the continuous effective functioning of the financial system in supporting the economy and delivering for consumers.
We need to be able to harness the benefits of innovation while also managing the risks.
Within that context, we aim to anticipate and support innovation in central banking and financial services, which serves the evolving needs of households and businesses into the future.
This is a key priority for us when we authorise and supervise innovative firms.
To fulfil our mandate, maintaining a high-quality regulatory framework is essential.
Our focus is on supporting innovation that meets the evolving needs of households and businesses while ensuring rigorous oversight.
We are committed to maintaining a strong regulatory framework to fulfil our mandate and responsibilities effectively.
Engagement with innovation
In order to play our part in fostering innovation, and in ensuring effective risk management, it is important that we have deeper engagement with innovative firms across all aspects of the financial services ecosystem.
We are rolling out a range of new and enhanced engagement initiatives that will enable us to:
- Deepen our understanding of innovation in the financial services sector, so that we can better understand the opportunities and risks for consumers and the economy
- Better inform our regulatory approach, allowing us to ensure that our regulation is aligned with a well-functioning financial system based on good levels of competition and innovation
- Better explain to innovative firms what being regulated entails – so firms can build regulatory requirements and safeguards into their early stage development
- Embed a regulatory culture in fledgling and fast-growing firms – to ensure they are properly prepared for the responsibilities that come as regulated firms, as well as properly run once authorised.
Our Innovation Hub offers an informal engagement process to support innovators to gain a deeper understanding of our regulatory and supervisory expectations. This includes pre-engagement to outline expectations and provide relevant information, a standardised form for efficiency, meetings with our subject matter experts and follow-up engagements to track progress.
To reach the wider innovation ecosystem, we also run an outreach programme, which includes roundtables and annual workshops to discuss emerging trends and risks. Additionally, we participate in sector-specific programmes and international forums to stay informed.
Our Innovation Hub also provides online access to innovation-related content and resources.
Our forthcoming Innovation Sandbox Programme will offer regulatory advice and support to a wide range of innovators. Through workshops and mentorship, we aim to foster innovation while ensuring regulatory compliance and consumer protection.
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