Innovation in risk management
Canadian regulatory outlook for financial institutions in 2018
Canadian financial institutions are changing how they respond to risk management. Looking for new ways to enhance internal controls and increase oversight, they’re adopting a range of innovative technologies and approaches. As well as capitalizing on capabilities developed by tech-driven startups, FIs are also rethinking their talent strategies, revisiting the “three lines of defence” model, and exploring how to innovate with analytics, artificial intelligence, and automation.
In the report Innovation in risk management: Canadian regulatory outlook for financial institutions in 2018, Deloitte considers how innovation in these areas are figuring into the key regulatory trends for 2018. To learn more about the regulatory developments that are having the most impact on FIs and how leading institutions are responding to them, download the report now.
Innovation: The trend driving trends
To help Canadian FIs navigate the complex intersection of innovation, talent, and regulatory change, Deloitte’s risk and compliance professionals identified the top seven regulatory trends for 2018. In this report, we provide key insights and suggest steps FIs can take to prepare for the transformative changes innovation will bring to the regulatory landscape over the coming year.
With major regulations pending for FRTB, IFRS 17, and model risk, FIs will need to use advanced technology and enhanced governance to manage these areas.
Ongoing innovation in regtech—including robotic process automation, machine learning, and blockchain technologies—is helping firms manage regulatory risk in new ways.
Ensure the definition of conduct risk suits your organization’s unique situation and strategy; build a comprehensive inventory of conduct vulnerabilities to which your organization is exposed.
Whether as pilot projects or full-scale transformation, innovative tools and technologies are being incorporated into compliance projects.
Payments Canada’s roadmap to improve speed and flexibility for 2020 will ultimately strengthen Canada’s global competitive position.
Canadian FIs with EU operations and/or that process the personal data of individuals in the EU will need to be fully prepared when GDPR comes into effect.
The risk operations function in many FIs is transforming itself to better manage anticipated challenges and new emerging risks.
To learn more about the regulatory developments that are having the most impact on FIs and how leading institutions are responding to them, download Innovation in risk management: Canadian regulatory outlook for financial institutions in 2018 today.