Playing with fire: the challenges of ethics and compliance
Mazars recognises digitisation as an important topic for the financial services industry; for this reason, we have developed a content programme with the Economist Intelligence Unit that focuses on how banks, insurance and asset management businesses are adapting their risk and reporting procedures to the new digital environment.
Financial services has always been an information-based industry. But trends in technology have been reshaping the finance, insurance and real estate (FIRE) sector. From data analytics to mobile payments, in many ways, financial services have been transformed over the last several years.
No less important a shift has been the wave of re-regulation unleashed in the wake of the financial crisis. The exponential growth in reporting requirements and data management have made compliance into a function too vital to be neglected in the finance industry.
It is vital that FIRE executives understand how these trends fit together and that they leverage changing technologies to help turn their compliance function from the department of “no” into a source of competitive advantage.
In parallel to stricter regulation, finance companies’ internal control systems have also been reinforced, encompassing operating processes and codes of practice. As financial services companies aim to rebuild the trust of both regulators and clients, these measures must ensure that business operations are both legal and ethical; a higher bar than many used to set.
How are Financial Services entities using new digital tools to improve transparency and ethical business practices?
Our report investigates financial services businesses through the lens of ethics and compliance, with an understanding of the changing role that technology can play. This touches on business ethics and compliance generally but specifically emphasises reporting and legal obligations, as well as the environmental, social, human rights and anti-bribery concerns being addressed by a growing swath of the financial services sector.
Please download the full EIU / Mazars report to find out more and visit our Financial Services blog for more insights.