The rise of managed services has been saved
The rise of managed services
You and I were meant to fly
As financial institutions navigate today’s unpredictable economic and regulatory landscape, the pressure on risk and compliance operating models has never been greater. Adoption of managed services is rising as firms seek a more strategic response in order to better organize, operate, and safeguard their business. Given that the adoption of managed services entails the transfer of a higher degree of control to a third party, determining when and how to adopt them is key. Get it right, and the potential rewards are significant.
Since the financial crash of 2007-2008, business models have faced extreme pressure from market, regulatory, and macroeconomic forces. As firms have felt the burn on revenue, cost, and capital, the focus on operational efficiency and effectiveness has sharpened.
Risk and compliance functions are by no means immune given soaring costs to meet the demands of regulatory compliance. According to Citigroup, the cost is US$270 billion annually—10 percent of the operating cost—across the banking industry.1 Much of this is due to a doubling of the size of compliance and regulatory teams in many of the biggest global banks, a trend replicated across financial services.
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Inside Magazine Risk Global edition, February 2018
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).