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Financial services regulatory outlooks 2018
Navigating the year ahead
The Deloitte Center for Regulatory Strategy has released a series of 2018 financial services regulatory outlooks to help financial services firms across the globe navigate the year ahead.
- Asia Pacific regulatory outlook
- EMEA regulatory outlook
- US regulatory outlook
- Canada regulatory outlook
2017 brought Brexit and a new U.S. political administration which led to significant uncertainty. We also saw pressures on the banking and life insurance sectors from sluggish economic growth and low interest rates in Europe and the U.S., and competition from new FinTech entrants. Looking ahead to 2018, most of these challenges and uncertainties remain.
Financial services firms need to be prepared to deal with the challenges of diverging regulatory frameworks. They will need globally coordinated approaches to understand overlaps, incompatibilities and potential synergies.
Technological innovation, aging populations, and climate change have all caught the attention of the regulatory and supervisory community as emerging risk areas. We expect some supervisors to begin to challenge boards, risk committees and senior management to demonstrate that they understand the impact on their customer bases, business models and risk profiles, and are set to take effective mitigating actions where needed.
While we expect some greater clarity about the regulatory outlook to emerge in 2018, the overriding challenge for firms remains coping with uncertainty.
The Deloitte Center for Regulatory Strategy outlooks are designed to provide a clear view of the regulatory landscape and of the actions firms should be taking to respond to regulation. The regulatory outlooks available are:
Asia Pacific Financial Services Regulatory Outlook
For financial institutions in Asia Pacific, uncertainty and divergence are emerging as overarching forward themes for financial regulation. The key focal points in 2018 will be improving industry culture and conduct, individual accountability, and embedding customer centricity. Innovation, digital disruption, and cyber resilience will remain top of the Asia Pacific regulatory agenda. Our 2018 Outlook takes stock of these developments, looking at what we see as the top ten issues over the next year, going beyond the detail to provide context, implications, and insights into managing these risks.
Canadian Financial Services Regulatory Outlook
For financial institutions in Canada, this overview offers key information and insights on some of the most critical regulatory topics for 2018, examining how trends such as innovation, automation, and analytics are becoming increasingly imperative when addressing regulatory priorities and competitive demands.
EMEA Financial Markets Regulatory Outlook
2018 will bring to bear a wide range of industry-wide and sector-specific regulatory issues for financial services firms operating in EMEA – from the challenges of MiFID II compliance, to Brexit, business model sustainability, regulatory issues surrounding technological innovation, and much more.
United States Financial Services Regulatory Outlooks
For financial institutions in the United States, 2018 will likely continue the regulatory uncertainty brought about by the 2016 election results. Financial institutions should continue forging ahead with their risk and compliance initiatives, while monitoring for any definitive changes from lawmakers and regulators. Thankfully, many of the initiatives financial institutions are undertaking to achieve compliance are useful improvements that are worth doing from a risk and business perspective.
With increased regulatory expectations and emergent technologies, the future of risk management will look dramatically different than the current risk capabilities many are familiar with.