The Banking & capital markets in Iceland have changed and grown in and outside of Iceland. The Icelandic Banking & capital markets now operate in an international environment where competition is fierce, new regulations are frequently imposed and operational activities are under strict surveillance.
The Banking & capital markets constantly face new challenges in a business environment which is unsteady and complicated, and need to react to an increased pressure from both government and the public to improve their corporate governance, transparency and take corporate social responsibility.
The Banking & capital markets have been very successful in strengthening their businesses and boost profits, particularly regarding investment. Increased profits, growing stock value and a healthy capital flow has turned the Icelandic Banking & capital markets into a success story.
This industry however, as most other industries, has taken a hit. Economic growth has extenuated and the government and the public are concerned over individual debt load and consumer pattern. This has caused more pressure on the Banking & capital markets to integrate, live up to customers’ expectations for less costs and return profits to shareholders and other stakeholders.
The future prospects of the Banking & capital markets also depend on how well they manage to comply with new laws and regulations and adopt to new business conditions. In Iceland it is particularly important to keep up with international and European regulation, particularly the implementation and compliance with the pan-European regulation, MiFID.
Because of the aforementioned factors the importance of good corporate governance has grown and companies must seriously consider factors such as risk management, the role and responsibility of members of the board, internal control, transparency and disclosure.
Our emphasis
In this environment the companies who manage to retain talented employees who have the capacity to change challenges into opportunities, strengthen their customer relationships, increase efficiency and encourage innovation and initiative. To accomplish this goal we believe that the Banking & capital markets should emphasis good corporate governance, create a strong positive image which will contribute to general public trust, and invest in well calculated investments to guarantee shareholders' profits.
Example of our services
At PricewaterhouseCoopers we make an effort in providing outstanding services and advise in all of our fields of specialisation. PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders.
