Financial services organisations are grappling with the biggest regulation shake-up in a generation led by the shift from rules-based supervision to a regime based on an appreciation of underlying regulatory principles and a full understanding of risks faced. Compliance with directives ranging from Basel II to Sarbanes-Oxley is clearly a costly and potentially complex challenge. But in the face of investor, customer and other stakeholder demands for greater integrity, accountability and financial stability, companies are also under ever increasing pressure to protect and enhance corporate value and reputation.
Uncertainty tamed? The evolution of risk management in the financial services industry, a study carried out by PricewaterhouseCoopers in partnership with the Economist Intelligence Unit, found that financial services organisations now regard reputational risk as the greatest threat to their market value. Companies therefore need to look beyond narrow regulatory obligations and develop a more proactive approach to compliance—one that embraces broader ethical and strategic considerations. This includes improving the organisation’s ability to comply with business objectives, internal controls and codes of conduct.
How PwC can help you
PricewaterhouseCoopers has a local and a global network of specialists who can help your company develop an effective and cost-efficient approach to compliance. With assistance from PwC, you can turn compliance into an opportunity to improve management processes and strengthen confidence in your business.
