FS Risk & Advisory

FS Risk & Advisory

As market and regulatory forces continue to place demands on the Financial Services sector, BDO can provide the bespoke advice and proactive services you need to succeed. In order to appropriately manage regulatory developments, sector expert teams from across BDO have joined forces in the Global Financial Services Sector Group. We offer comprehensive support to our clients across all segments of Financial Services.

BDO’s FS Risk & Advisory Services professionals work with our clients to define, execute and monitor their Governance, Risk and Compliance requirements.

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Institutions for Occupational Retirement Provision IORP II

The IORP II Directive sets out standards in relation to an effective system of governance for Irish Occupational pensions schemes, as well as enhanced duties around member communications. For an overview of the requirements and how BDO can support your organisation, please download our IORP II brochure here.

Our services

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Governance, Risk & Compliance

The governance and conduct of financial services firms has been under increasing scrutiny. As new laws and regulations are introduced, the management of financial services companies is further challenged to ensure greater levels of transparency, objectivity and professionalism. Directors need to ensure that corporate governance standards are adhered to and the design of risk and compliance management systems is robust.

We can help you respond to emerging regulation, building on our broad experience of working with banks, insurers, asset and wealth managers and other regulated businesses. Our approach combines an analysis of the legal framework together with an assessment of the systems and processes which can help to ensure compliance and sound corporate governance. Our tailored and cost-effective solutions will assist you in creating holistic governance, risk and compliance frameworks and will provide you with access to industry best-practice methodology, value-adding insights and subject matter experts.

Our services include but are not limited to the following:


  • Governance framework development
  • Policy development
  • Process optimisation
  • Target operating Model development
  • Corporate governance
  • Board Training


  • Risk Appetite Statement
  • Risk assessments
  • Risk management frameworks and risk registers
  • Compliance frameworks and monitoring plans
  • Risk and Compliance assurance testing
  • SOX Compliance


  • Regulatory interpretation and advice
  • Risk Mitigation Programmes
  • Regulatory reporting frameworks
  • Fitness and Probity, Anti-Money Laundering (AML), Consumer Protection Code (CPC) and GDPR
  • Capital Requirements Directive and Solvency II
  • Markets in Financial Instruments Directive (MiFID)
  • PSD II
  • European Markets Infrastructure Regulation (EMIR)
  • Recovery, ICAAP, ILAAP and wind-down planning


The Central Bank is the competent authority in the Republic of Ireland for the authorisation of financial services firms. At BDO, we can help you to seamlessly enter Irish and European markets.

Alternatively, if your business trajectory means you are facing new regulatory requirements, our team can support you through the relevant authorisation process. From banking authorisations, to assisting fintech start-ups, or launching a new fund, BDO can provide tailored assistance with regulatory applications, including applications for pre-approval of individuals.

Our services include:

  • Advice on setting up in the Republic of Ireland
  • Mapping of relevant regulations
  • Establishment and incorporation of an Irish company
  • Building the application pack, all associated forms and relevant documents
  • Timely support with Regulator queries
  • Development of a suite of policies and frameworks
  • Set-up support, including compliance, risk and internal audit services

We provide support to the full spectrum of financial services firms seeking authorisation in the Republic of Ireland.

Internal Audit

As part of good governance and maintaining the ‘three lines of defence’, internal audit provides assurance to management and boards that systems and controls are in place and sufficient to mitigate risk. 

BDO has successfully established its market position in recent years as an independent auditing company, providing internal audit services to the full spectrum of financial services institutions.

Regardless of your specific sector or whether you already have an internal audit function, our FS Risk & Advisory professionals can create a framework individually tailored to your needs. We can assist you in the following areas:

  • Internal audit outsourcing
  • Internal audit co-sourcing
  • Quality assurance review
  • Process and internal controls advisory
  • Audit committee advisory
  • Data analytics

Advances in technology are enabling changes in business models, improving productivity and driving innovation. Our approach to internal audit leverages these advances to allow us to: be proactive advisors to senior management; enable the board to stay to the forefront of technological change, and advise on emerging risks and industry hot topics along the way.

IT Advisory

Our Financial Services Technology Risk team provides a range of IT audit, assurance and certification services. We take an innovative approach in our risk management methodologies to address your digital risks and to help keep your company safe.

Our experienced professionals understand the risks you face and keep up-to-date with the rapid pace of change. We can help your organisation accelerate its defences against IT and Cybersecurity risk.

Our services include:

  • Cybersecurity Risk Assessments
  • Penetration testing
  • Data protection and GDPR
  • MDR (Managed Detection and Response) Services

For further information on our IT and Cybersecurity Advisory services, click here.

Contact us to discuss solutions for your business needs


Ciara Hanrahan

Director - FS Risk & Advisory Services, BDO Dublin
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