Navigating the evolving business landscape
KUALA LUMPUR, 3 March 2020 – Deloitte Malaysia Risk Advisory has appointed Daniel Wong as their Director for the Regulatory Risk Team, effective March 2020. Bringing with him more than 30 years in the financial services industry, Daniel will further strengthen the firm’s capabilities in ensuring clients are prepared to face the ever-changing regulations.
Prior to his appointment at the firm, Daniel was the Group Chief Compliance Officer of Maybank and served various important roles within Standard Chartered Bank, including Singapore Head of Risk for Group Technology and Operations, Regional and Singapore Country Head of Financial Crime Risk, Malaysia Head of Audit.
Deloitte Malaysia Regulatory Risk Lead, Justin Ong believes that for a firm to remain relevant, it needs to reshape and innovate its compliance capabilities, against a landscape of changing business models and technology disruptions.
Financial Institutions are constantly challenged to navigate the evolving and diverse regulatory requirements. In a recent Deloitte Report on the 2020 Asia Pacific Financial Services Regulatory Outlook, regulators are increasingly looking at the following four (4) items:
1. Regulatory license to operate: discussing on the evolution of international reforms
2. Building trust from within an organisation: Conduct, Culture and Governance
3. Doing right for customer: Privacy and Data Usage
4. Forging better communities: Financial inclusion and integrating ESG
Locally in Malaysia, Justin added that banks should expect and be prepared for the following key trends this year:
1. Digital Banking License Application: Digitalisation has fundamentally revolutionalised every aspect of the banking landscape. Banks today have to embrace innovation, while keeping inherently secure through its robust risk management capabilities.
2.Domestic Systemically Important Banks (D-SIBS): Banking groups identified by BNM as D-SIBs will be subject to higher levels of supervisory scrutiny, with focused intervention in areas that are underdeveloped.
3. Recovery and Resolution Planning: Banks need to understand what RRP truly entails, and how best to leverage on industry practices to build Recovery Plans that are not just theoretically comprehensive, but also operationally feasible during an actual stress scenario.
4. IBOR Migration: While the industry may consider the migration to be a long way off, the fact is that the complexity, magnitude and scope of the task allow no room for complacency.
5. Risk Management in Technology: The increased rate in adoption of technology platforms has called for more matured risk management processes to manage the IT risk landscape.
6. Responsibility Mapping: To raise the bar of existing corporate governance standards, BNM now expects senior roles to hold even greater accountability in fostering a sound culture and addressing misconduct risk.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organization”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 312,000 people make an impact that matters at www.deloitte.com.