Risk management is growing in stature within businesses, but there is more work to be done, according to Airmic’s technical director, Julia Graham. Speaking at the launch of a report by ACE on the changing role of the risk manager, Julia said that risk management is transitioning from a discipline to a profession. “There is no doubt that we are tomorrow’s risk leaders,” she said. “But we absolutely need to make sure that risk managers are equipped with the right skills.”
by Mark Flinders and Mario Morkos
In the wake of the financial crisis, the cost of complying with new regulations has risen dramatically for financial services organisations. Delivering regulatory change is an expensive business – so much so that, according to the Confederation of British Industry, banks now say that reducing regulatory costs should be the top priority for the UK government. The rise in regulatory costs is tied, in part, to the expansion of the risk management function. Increasingly, however, the function is under the same pressure as other parts of the organisation to reduce costs. Shareholders concerned about falling margins want to see all functions – including the risk management function – play their part in delivering costs savings.
Last week, the European Fintech Awards were won by a number of companies from across Europe. The interesting thing was however that the number of Fintech-companies with real innovative (digital) business models and digital revenue models still seems to be rather limited. Continue reading…
Banks worldwide have been struggling in the battle against financial crime. Recent high-profile examples demonstrate that the rate of anti-money laundering (AML) compliance enforcement is continuing to rise. At the same time, the cost of compliance failure is escalating with fines and provisions increasing by at least 300% during the second half of 2012 compared to the first. If the related impact to banks’ bottom line is not damaging enough, the loss of trust among customers and regulators makes the combined effect potentially life-threatening. Continue reading…
Recently I was giving some workshops to students at the University of Groningen (The Netherlands) on ‘How to create your own startup as ‘plan b”. One assignment from the ‘5-step Startup Blueprint’ we use was about the earnings models/digital revenue models and business models of companies like Netflix, Uber and Airbnb. After the students had looked at these companies, they saw a number of interesting characteristics. Continue reading…