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Global Risk Management Survey
Operating in the new normal: increased regulation and heightened expectations.
The wave of regulatory reforms that followed the global financial crisis shows no signs of abating. Across the financial services industry, regulatory requirements are becoming broader in scope and more stringent. Financial institutions must respond to “the new normal” environment of continual regulatory change and ever more demanding expectations.
The global financial crisis was the catalyst for an era of sweeping regulatory change that shows little sign of abating. Across the financial services industry, regulatory requirements are becoming broader in scope and more stringent.
After new regulations are enacted, it can take years before their practical implications become clear. Although the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in the United States and Basel III were introduced several years ago, their rules are still being finalized. New regulatory developments include the US Federal Reserve’s Enhanced Prudential Standards (EPS), the European Central Bank (ECB) becoming the prudential supervisor of Eurozone banks, a new Banking Standards Review Council in the United Kingdom, and Solvency II becoming effective for European insurers in 2016.
The new regulatory landscape is placing demands on financial institutions in such areas as corporate governance, risk appetite, capital adequacy, stress tests, operational risk, technology data and information systems, and risk culture, to name only some areas of focus. As institutions prepare to comply, they will need the flexibility, in both their business models and compliance programs, to respond to the seemingly inevitable next round of reforms.
Deloitte’s Global risk management survey, ninth edition assesses the industry’s risk management practices and challenges in this period of reexamination. The survey was conducted in the second half of 2014 and includes responses from 71 financial services institutions around the world that operate across a range of financial sectors and with aggregate assets of almost US$18 trillion.