• Daniel Lawlor

What happens when things go wrong?

Updated: Apr 7

FIMC Podcast on What happens when things go wrong? with Michael Tuohy and Arnaud Barosi

Meet Michael Tuohy:

Michael Tuohy

Michael Tuohy is a partner in our audit and assurance Financial Services Group with over 15 years’ experience providing audit and advisory services to Irish and International banks and investment firms. Michael has assisted financial institutions with risk, governance and regulatory reviews. He has expertise in financial reporting advisory, having led many assignments for the firm. Michael has lectured extensively in financial reporting for Chartered Accountants Ireland and public and private sector institutions. EU Audit Reform has resulted in significant new audit opportunities for Mazars and Michael has directed these as they relate to the banking sector. Michael is a fellow of the Institute of Chartered Accountants in Ireland and sits on its education board.

You may connect with Michael through the following sites:



Meet Arnaud Barosi:

Arnaud Barosi

Arnaud joined Mazars FAS Luxembourg in March 2020 as Director of the service line “Governance, Risk & Internal Control”. Arnaud has more than 19 years of professional experience serving the Luxembourg Financial Services Industry (comprising asset management, banking, private equity, real estate, payment institutions). Prior joining Mazars FAS Luxembourg, he was Director in the risk advisory practice of Deloitte Tax & Consulting in Luxembourg where he had the chance to manage numerous internal audit assignments (e.g. outsourcing, co-sourcing, quality assessment of the Internal Audit function [1312 IIA Standard] – investment fund managers [management companies, AIFMs], banks, investment firms, specialized Professional of Financial Sectors, payment institutions, electronic money institutions), Third Party Assurance assignments (e.g. ISAE 3000 / ISAE 3402 / SSAE 18 [SOC1] - readiness assistance & examination - including gap analysis of the internal control framework, identification of the key controls addressing the control objectives, operating effectiveness and suitability of the design) and regulatory advisory assignments (e.g. inspections of major banking institutions mandated by the Luxembourg regulatory authorities [CSSF], regulatory health-checks, regulatory inspections simulations, AML/CTF reviews). He is also specialized in the fields of internal governance, internal audit, internal control, regulatory compliance (e.g. AML/CTF) and operational risk management for the Financial Services Industry.

You may connect with Arnaud through the following sites:



Meet Daniel Lawlor:

Daniel Lawlor

As the former head of the Central Bank of Ireland’s Funds Policy Team and the Central Bank’s Project Lead on CP86, Daniel was involved in designing, drafting and implementing regulatory initiatives affecting the funds industry from 2010 to 2017.  Investment Funds Lawyer for 9 years at William Fry, one of Ireland’s leading law firms.

Today, Daniel Lawlor is MD of Aquest; a boutique firm dedicated to improving your experience with the Financial Regulator.  

You may connect with Daniel through the following sites:

Website LinkedIn




With the best will in the world, sometimes things go wrong and firms suffer a breach of their regulatory obligations. For this episode of The Aquest Podcast, I chat with Michael Tuohy and Arnaud Barosi about what happens when things go wrong. We talk about the increased use of Risk Mitigation Programmes for asset management firms and what this means in practice. We also chat about Independent Expert Reports and, lastly, the Administrative Sanctions Procedure. The MiniCon session on 'What happens when things go wrong' takes place on Thursday November 5th and this podcast will give you a real taster for what to expect. Enjoy!

You can listen to the conversation on:

Website, Spotify, Apple iTunes, Google Podcasts, Stitcher or here on YouTube

A transcript of the conversation is available for download:

FIMC_Podcast_Mazars Episode_Michael and
• 232KB

About FIMC

Funds Ireland Mini Con (FIMC) is a collective space dedicated to transforming challenge into best practice, with and for, the Irish Authorised Funds Industry.







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