Financial Services Briefing - Issue 1, 2013

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

Welcome to the first edition of Financial Services Briefing for 2013 - our perspectives on issues that are top of mind for financial services organisations.

It is clear from our annual outlook publications for banking and insurance that finding growth opportunities and improving productivity while managing costs and risk remains challenging.

This continues to be against a background of an ever-changing regulatory environment. In late January, for example, we witnessed the long-awaited release of FATCA final regulations. See our Regulation and Capital sections to read more on FATCA and other items on the regulatory and capital management agenda including OTC derivatives, Basel III and Solvency II.

The impact of regulatory reform on business models is also receiving increased attention and has been the focus of recent discussion at the Bank Governance Leadership Network and Insurance Governance Leadership Network. Also of note is our publication Financial regulatory reform: what it means for bank business models, which provides an overview of the global regulatory reform agenda and the impact it will have on banks’ business and operating models.

In part a consequence of the regulatory landscape, but also the customer centric strategies of financial institutions, is the increasing importance of technology - both as an enabler and key differentiator. Data analytics, IT complexity, core systems modernisation, information security, privacy and cybersecurity are just some of the issues being addressed on a daily basis. Our Operational effectiveness and Risk sections provide our points of view on these topics.

I trust you will find this edition relevant and insightful. If you would like to discuss any of the topics contained in this edition in further detail or would like to provide your feedback, please contact me or your local EY representative.

Keith Pogson Andrew Price
Managing Partner
Financial Services - Oceania
Phone: +61 2 9248 5946