Global financial services risk management survey – Navigating in a changed world

The financial services industry is emerging from an extraordinarily unsettled period. The global financial crisis was marked by market volatility, a lack of liquidity in many financial markets, and hightened systemic risks. The turmoil of the last several years has underscored the critical importance of risk management and led government officials, regulators, and industry leaders alike to set new expectations for risk management.

Regulatory requirements are being rethought and fundamentally revised with the goal of reducing systemic risk to the financial system. Therefore, the boards of directors and senior management of financial institutions are reexamining their approaches to risk management, including their risk frameworks, governance, and methodologies.

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Filed under: Financial Services, Risk Management, banking, Deloitte, financial crisis, financial services, governance, insurance, lack of liquidity, market volatility, regulatory compliance, regulatory requirements, risk frameworks, risk management, systemic risks

Deloitte Banking Review – Seeing beyond 2011

It is somewhat axiomatic to observe that the banking industry locally and globally is undergoing a period of great change. The expectation for SA banks is a continued period of low returns with a focus on cost reduction and meeting the ongoing requirements for new and ever more rigorous regulatory change. We believe that the current business climate in South Africa, though still tough, is also showing signs of recovery. So whilst we should not expect miracles and growth for local banks this year might not be at the levels seen prior to the economic crisis, Deloitte is of the view that 2011 is a year for banks to regain balance. They certainly cannot go into hibernation until the difficult times are over, nor can they afford to allow the current environment to force them into an overly internal focus.

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Filed under: Financial Services, banking, banking industry, Deloitte, financial services

Positioning for a new financial landscape – Sustainable cost management through energy efficiency

As institutions begin to emerge from the financial crisis and global economic downturn, their thoughts are turning towards preparations for the recovery.

They are reconfiguring business models to suit the new financial landscape, re-aligning their workforce to meet the new levels of demand, and re-building customer relationships that have been unsettled during the crisis. There is also urgency in these efforts, as institutions recognise that their preparations must be complete before the recovery is complete if they are to make the most of the opportunities to come.

Throughout the market turbulence, institutions have been faced with increased pressures to restructure their business models and control costs. This area, typically considered part of a corporate responsibility program, can also play a key part of sustainable cost reduction.

This Deloitte report discusses the needs and benefits for financial institutions to have a strategy around energy and paper efficiency, and examines how institutions can save costs through energy and paper management, answering the question on how to get started on improving your company’s resource efficiency.

As the financial landscape continues to transform, Deloitte’s Global Financial Services Industry network is committed to providing continued thought leadership, surveys and studies on the issues most important to global financial institutions. Deloitte’s aim is to help guide clients through these challenging times and provide them with insights useful in preparing for a new financial landscape.

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Filed under: Financial Services, banking, CFO, cost management, cost reduction, Deloitte, financial services

Vantage Point – Financial Services Industry Newsletter – Issue One

Welcome to the first edition of our Financial Services Industry (FSI) newsletter, “Vantage Point”, our point of view on issues currently affecting the financial services industry. In this first edition, we have selected a few thought leadership pieces that are currently most topical.

We would especially like to draw your attention to the first article, “Forward Focus: Building social media into the game plan”, as we feel this is not an issue that the industry can afford to miss. It discusses how insurers in particular can leverage new social media technologies and networking tools, while avoiding the inherent risks of implementation. We will have more on this topic in the near future and will keep you abreast of issues as they unfold.

Other articles included are “Financial Foresight: Finding the gold in the insurance data mine” and “Finance Transformation: Think à la carte, not overhaul”, to mention a few. This publication also discusses the new Foreign Accounting Tax Compliance Act (FATCA), which affects South African Financial Institutions.

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Filed under: Financial Services, banking, Deloitte, foreign tax, information management