Case studies

Société Générale Private Banking (Suisse) SA

Delivering a distinctive audit through constant and open communication

During the last few years Société Générale has further adapted its private banking platform to respond successfully to an evolving market and regulatory changes

Significant structural developments have impacted the Swiss private banking industry, requiring changes to both business and operating models. The current regulatory regime plus known regulatory changes to come remain a significant challenge for the entire banking sector. These regulations increase complexity and costs of conducting business and lead institutions such as Société Générale group to continuously review operations in terms of conduct and efficiency. At the same time, international attention continues to be high which has increased the pace and depth of transformation of the banking industry globally.

Our position as auditors places us in a unique and dynamic relationship with the bank’s stakeholders. During the year we independently reviewed the bank’s positions and critically analysed responses given to cope with anticipated changes focusing on the compliance with the regulations and value adding for the bank. This value materialised as early insights on identified areas of improvement and supporting management to adopt best practices. Those were closely followed up with the bank representatives so as to anticipate and quickly react when matters of significance occurred.

Our preventing through an approach based on constant and direct communication combined with a dynamic and open discussion with the bank’s governing bodies was key to establish our role as an independent trusted partner.

Through constructive independent challenge and open communication of the team at all levels, Deloitte continued to provide us with the right insights to support us successfully in the conduct of our operations.

— Yves Thieffry, Chairman of the Board Société Générale Private Banking (Suisse) SA

This client story is from the Deloitte Switzerland Annual Review 2016

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