Deloitte announces centre for regulatory strategy in APAC

9 October 2015
| By Daniel Paperny |
image
image
expand image

Deloitte Australia has unveiled its Asia Pacific Centre for Regulatory Strategy (ACRS) to help strengthen its advice provisioning to clients managing “complex regulatory change” across the region.

The new centre will aim to promote regular dialogue with regulators as well as help provide insights into managing the aggregate impact of regional and international regulatory policy.

Kevin Nixon, leader of risk and regulation at Deloitte Australia and lead partner of Deloitte’s ACRS, said the development of the centre will significantly enhance Deloitte’s regulatory advisory capabilities across the region.

“The launch of this centre marks an important development for financial institutions that operate across the Asia Pacific region as they have the added layers of complexity [in] managing unique markets and varied regulatory frameworks,” Kevin Nixon said.

Deloitte’s Asia Pacific enterprise risk services leader, Dr. Janson Yap, said that financial institutions in the Asia Pacific are facing growing pressure to comply with international regulatory timelines while managing varied local regulatory requirements.

“This centre will help organisations navigate these challenges by taking a forward-looking view of regulation and its implications on business strategy,” Yap said.

According to a report on regulatory reform published by the ACRS last month, regulation has increasingly emerged as a “major strategic consideration” for financial services firms in the seven years since the onset of the Global Financial Crisis in 2008.

“Each framework – [including] Basel III and IV, shadow banking, and conduct and wholesale market reforms – brings a unique set of challenges, especially for organisations that operate across multiple jurisdictions,” the report states.

“Managing the combination of regulatory reforms will be particularly challenging. However, firms that effectively integrate the regulatory outlook into their strategic thinking can achieve a strategy that is for purpose, now and in the future.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago