Mary-Elizabeth McMunn: Reinforcing the foundations - openness through resilience in the face of change
Speech by Ms Mary-Elizabeth McMunn, Deputy Governor of the Central Bank of Ireland, at PWC, Dublin, 23 July 2026.
Mary-Elizabeth McMunn, Deputy Governor of the Central Bank of Ireland, spoke at PWC in Dublin on July 23, 2026, addressing the rapidly changing financial landscape and the importance of resilience in the face of these changes. She highlighted the sector's impressive growth over the past decade, with assets under management increasing from €1.6 trillion to €5.6 trillion, and the number of Irish authorised investment funds doubling from 6,000 to 9,000.
McMunn emphasized the need for financial services to seize opportunities presented by technological advancements, such as frontier AI models, while managing the associated risks and challenges. She stressed the importance of resilience in navigating the changing world, particularly in terms of governance, risk management, and the need to maintain openness in a fragmenting global financial market.
Resilient governance, she explained, is crucial not just for financial resilience, but also for operational resilience and clear escalation pathways in times of stress. McMunn urged the importance of embedding geo-political risks into risk management frameworks and building resilience for a more complex and unpredictable risk landscape. She also highlighted the need to adapt governance and risk management capabilities to the changing world, including the adoption of advanced AI technologies.
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