Beverly Chandler, Opalesque London: Director of AutoRek, Jim Muir, believes that as the financial landscape continues to evolve, more directives will be dictated by Europe and there will be a movement towards holding senior managers accountable for failing to keep up with regulation.
In a piece reflecting on the developments over 2012 and attempting to predict the financial industry’s changes over 2013, Muir believes that at the outset, the industry is currently in a state of flux. He writes: "As businesses contend with the growing amount of data available and struggle to absorb new regulation, financial institutions will be forced to prioritise system investment to enhance information management and improve business processes."
Muir believes that as firms gear-up and look to implement new controls, rules and processes that prove compliance, regulators will continue to introduce new initiatives and fuel uncertainty within the industry.
"Following-on from the scandals of 2012 and the record-breaking fines that have been handed out by governing bodies, the financial industry will place more focus on how to avoid fundamental failings surrounding operational supervision, audit supervision and breaches of authority. Companies are beginning to recognise that the failings of the financial industry are relatively straightforward to fix by introducing automated controls which improve ma......................
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