Regulatory cost burden forecast to double
The regulatory cost burden for the financial services industry has been forecast to almost double by 2010
The regulatory cost burden for the financial services industry has been forecast to almost double by 2010
A tidal wave of regulation has swept across the financial services industry
as a result of the credit crunch and the financial burden of the increased
regulation is unlikely to peak until it reaches £48bn in 2010, according to the
latest report from
Deloitte
UK.
The report, In Control? based on a study of actual operational data from 32
major financial institutions around the globe, forecasts the costs of regulation
will almost double from £28bn in 2007, to about £48bn by 2010.
Deloitte said the key issue for financial institutions was the lack of
clarity in the taxonomy around governance and control. This opacity of
definition was causing, on occasions, a failure in strategies.
Chris Gentle, Deloitte head of research, told Accountancy Magazine a prime
feature of the recent losses incurred by the major banks in the credit cruch was
the inability to link risk and control factors.
Further reading:
IFRS taxonomy ready for use shortly
Read
the Accountancy Magazine story
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWe all understand the role of lawyers in an arbitration, to argue over points of liability and who was at fault. But most commercial cases are brought...
View articleAn anonymous corporate finance veteran with over 20,000 hours of experience unlocks invaluable insights by pulling back the curtain on the rarely seen...
View articleThe UK's National Living Wage increase to £11.44/hr demands significant adjustments in payroll and reporting for accountants, impacting compliance, fi...
View articleThis regulatory update aims to simplify the reporting process, reduce administrative burdens, increase accuracy, and provide real-time reporting capab...
View articleTechnology could enable this by allowing teams to 'speak the same language' Read More...
View articleBegbies Traynor had a strong first half to its year, buoyed by increased revenue and a number of acquisitions Read More...
View articleRicky Shankar, Chairman of Clear Factor, explains how his own experience with banks led to the creation of Clear Factor - a decentralised global invoi...
View articleLooking at spending patterns of more than 1000 Spendesk users in 35 European countries, making 800,000 transactions totalling over €120million, the ‘S...
View article