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Inside Magazine - Global edition 2016
CCO - CISO - CRO - CIA - BOD
Welcome to the second international edition of Inside, a publication dedicated to governing bodies and internal control functions. Our objective is to provide professionals involved in governance, risk, compliance, and internal audit with thoughtful insights into critical topics that may impact their organization.
Just like 2015, the year 2016 will see exponential change—organizations will need to keep abreast of technology developments, adjust to new regulatory requirements while meeting ever heightening stakeholder expectations, and managing emerging risks. Effective risk-sensing programs should be the cornerstone of companies that aspire to successfully manage strategic risks in the current environment, and internal control functions will need to adjust and adapt to the regulatory requirements, emerging risks, and competition within each industry. Threats like cyber risk are being exploited with greater frequency and to greater effect while customers expect greater digital capabilities. This change presents a unique opportunity for internal control functions to become a catalyst for change in their organization for the longer term.
Across the financial services industry, regulatory requirements are becoming broader in scope and more stringent. This year, the industry will continue to operate in a challenging environment due to continued advances in technology, adoption of new regulations, as well as competition from new entrants to the sector. The newly agreed upon Payment Services Directive 2, the entry into force of the Packaged Retail and Insurance-based Investment Products (PRIIPs), the data and regulatory reporting challenge (EMIR, MiFIR), and the go-live date for Solvency II, will create opportunities for companies that manage to turn compliance with new regulatory requirements into competitive advantage. Deloitte UK's 2016 regulatory outlook sheds further light on these topics and many others. In this edition, we have also gathered the results of Deloitte Touche Tohmatsu Limited (DTTL)'s Global risk management survey (ninth edition) and DTTL/Forbes Insights Risk Sensing survey that will provide you with information and key findings to help enhance your overall risk strategy and the related impact.
The main challenge for the financial services industry will be to find the right mix between compliance, risk management, and financial performance. In this context, complying with regulatory requirements and good market practices are among the top priorities of companies’ boards of directors, who seek to establish sound internal governance frameworks and the right governance cultures. Driving performance through enhanced risk oversight and risk culture is a key element of each organization’s success with the ultimate goal of creating shareholder value.
In an environment of continuing uncertainty and an elevated degree of regulatory risk, risk governance will continue to be a key driver in the development of your business strategies and models.
In this issue
- Top 10 for 2016
Our outlook for financial markets regulation
- Bank board risk governance
Driving performance through enhanced risk oversight
- Global risk management survey, ninth edition
Operating in the new normal: increased regulation and heightened expectations
- What are they saying?
New ways to detect emerging reputation (and other strategic) risks
- Risk sensing
A tool to address reputation risks
- 21st century resilience
Getting it and keeping it
- Focus on
Building crisis-ready boards
- Focus on
The board’s-eye view of cyber crisis management
- The benefits and limits of cyber value-at-risk
- A holistic approach to regulatory watch
- Exponential Change
Hot topics for internal audit in financial services for 2016
- Clarity, transparency and comparability
The colors of the PRIIPs Regulation
- PSD2 opens the door to new market entrants
Agility will be key to keeping market position
- Solvency II and Key Considerations for Asset Managers
- Transactions and Trade Regulatory Reporting
A changing landscape