Patrick Farrell

Patrick is a Partner in KPMG’s Risk and Regulatory Advisory practice and is responsible for the delivery of Governance, Risk and Regulatory Compliance Services. He leads the firms BCBS 239 service offering.

Patrick leads KPMG’s Risk and Regulatory relationships across a number of financial services clients including AIB, Bank of Ireland, Ulster Bank, KBC, US Bancorp, as well as a number of other leading financial institutions.

Experience

• Patrick is currently/has recently led the following advisory projects at AIB: BCS ICF project, RCB BGSS strategic review and is currently providing advice to FSG and Operational Risk Assurance on governance and risk related projects.
• Patrick is currently assisting a number of banks enhancing their Data Governance and Quality processes. He previously led an engagement at a pillar Irish bank to review its Data Capability from a Data Governance, Culture, Ownership, Control and Quality perspective utilising BCBS 239 as the benchmark. This bank is a subsidiary of a G-SIB that is well progressed with BSCBS 239.
• He has a deep understanding of the CBI/JST views on Data Capability across the banking sector and is advising a number of Banks on BCBS 239 Data Governance and Quality strategies. He recently supported a pillar Irish bank (D-SIB) with a BCBS 239 assessment to support the completion of its BCBS 239 preparedness submission to the JST. He also supported the completion of an independent assurance assessment in respect of data submitted as part of a BCBS 239 ‘fire-drill’
• Patrick has also recently assisted two Irish Pillar banks develop technical interpretation methodologies and review related processes, risks and controls for the production of Regulatory Reporting, including FINREP, COREP, LCR and LER returns. This engagements involved the mapping of the production and review processes and controls for these returns. Most relevantly these involved the identification of KBE/CDE that will form part of future Data Quality Programmes.
• He has also led a number of Regulatory reporting process improvement projects, including the documentation of technical interpretation and basis of preparation documents, operating procedures and enhancements to governance and control environments
• Patrick has led a number of engagements in the Insurance sector and in particular designing frameworks to support the Actuarial functions opinion on Data Quality under Solvency II. This involved building Data Directories, prioritising and group Data Elements and mapping data elements and related processes back to source, identifying Data controls and performing controls assessments
• Patrick has extensive experience in advising clients on the design and implementation of Enterprise Risk Management and Corporate Governance Frameworks. Patrick currently leads a variety of Enterprise Risk Management (ERM) projects to assist companies across a number of sectors with setting up ERM programs, having regard to relevant good practice and regulatory requirements.