EY Financial Services Briefing 2014 Issue 3

Financial Services Briefing - bringing together insights from our global financial services network

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It is hard to believe that we are coming to the end of another calendar year. As I reflect on the past 12 months, it is evident that risk and regulation remain at the top of the agenda for financial services organizations across Asia-Pacific.

Locally, we have recently seen the reporting of the Australian major banks’ full year results and by the end of November we will see the release of the Financial System Inquiry (FSI) final report, continuing the strong focus on financial services in an ever-changing environment.

Over the past year we have seen ongoing focus in the market around regulatory breaches and misconduct issues. Both conduct risk and risk culture are topics that we are in ongoing dialogue with our clients and regulators. EY in cooperation with the Institute of International Finance recently released our fifth annual risk management survey - Shifting focus: Risk culture at the forefront of banking. Our report found that more than eight in 10 global systemically important banks (GSIBs) and two-thirds of all banks surveyed report they are actively addressing their risk culture.

Also top of mind for senior executives is the ongoing issue of cyber security. Continuing this focus, the Risk section of this edition includes our recent two-part series on cyber security that looks at both the data and risk aspects in the insurance sector. Further, we have just launched our 17th annual Global Information Security Survey, which focuses on how well organizations are managing cyber threats and what they need to do to proactively stay ahead of cyber crime.

This time of year also sees the release of several of our ongoing global market insights including our commercial banking, insurance customer and hedge fund surveys.

As always, we hope you and your teams find the variety of materials in this edition of Financial Services Briefing insightful and relevant to the issues on your agenda. If you would like to discuss any of the topics contained in this edition, or would like to provide your feedback on this publication, please don’t hesitate to contact either of us or your local EY representative.

Very best regards,

Tony Johnson, EY Managing Partner, Financial Services, Asia-Pacific Tony Johnson
Managing Partner
Financial Services
Andrew Price, EY Managing Partner, Financial Services, Oceania Andrew Price
Managing Partner
Financial Services