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INSIGHT 3 Industry wide challenges across Financial Services 02 | 2016


Creating a broader and deeper capability within the organisation to provide greater oversight and expertise


INSIGHT 3 Industry wide challenges across Financial Services

The financial services industry is changing on many fronts and although significant progress has been made over the past years, organisations are seeing this progress being eaten into by competing demands across areas such as regulatory requirements, divestments, greater capital requirements, investments to enhance risk, controls and technology, innovation, data and impacts of fines related to legacy behaviours and organisational culture.

So although progress has been made, organisations now have to go harder and faster across a range of focus areas in order to deliver shareholder value by truly transforming their business models. This is taking place on three fronts;

1. Delivering mandatory work to comply with global regulatory requirements 1. and associated frameworks • Ensuring that a framework for regulatory compliance is in place and being proactively • managed within the organisation in addition to ensuring sufficient funding is allocated • and prioritised to enable the delivery of compliance against these reforms e.g. US Basel • III, MIFID II • Creating a broader and deeper capability within the organisation to provide greater • oversight and expertise, to enable successful navigation of both current and future • requirements

INSIGHT 3

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Industry wide challenges across Financial Services


Build an information security function that is capable of securing the organisation, its people and infrastructure


CONTINUED 2. Reducing organisational complexity and driving further cost reduction and control 2. improvements across the organisation, essentially “getting the house in order” • Creating transparent and consistent mechanisms for setting organisational strategy • and understanding how this translates into meaningful business outcomes and key • performance indicators to steer the organisation • Ensuring a fully formed leadership team is in place and equipped with the right skill sets, • experiences and capabilities to navigate the journey and where required bring in expertise • from other industries who can bring a fresh perspective to legacy challenges • Defining a clear vision and strategy for the organisation, ensuring this is understood, well • communicated and supported by a realistic plan to execute • Address the effects of a legacy culture that has historically been too self-centred and has • not placed the client or customer at the heart of everything that everybody does • Ensure the organisation has the right location footprint defined once, via a structured • target operating model avoiding the requirement to move locations multiple times, hence • incurring costs and adding complexity and confusion • • Push to reduce complexity and improve reliability across all facets of the organisation i.e. • drive greater automation, reduce application complexity, push towards consistent and • agile platforms, focus on re-use and simplicity and ensure the client experience is at the • heart of everything the organisation does • Create a specific role for data management within the executive level structure of the • organisation. Drive focus towards standards, controls, repositories, taxonomy and data • classifications and data rationalisation • Build an information security function that is capable of securing the organisation, its • people and infrastructure from external and internal threats • Invest in and drive, greater simplicity across an organisations IT landscape, building clear • blueprints for the future state supported by clear transformation plans • Continue to drive greater cost discipline across all levels of the organisation’ss, ensure the • correct allocation of cost to support the transformation agenda and to ensure compliance • with regulatory and control demands and for all spending on change initiatives continue • to push and enhance cost discipline through a range of measures

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Industry wide challenges across Financial Services


Drive partnerships with external parties to co-create innovative technologies, processes and or solutions


CONTINUED 3. Looking to the future by building differentiators in the market and addressing the 3. FinTech challenge • Create an innovative culture across the organisation by encouraging people to challenge • the norms and highlight more efficient ways of doing things in their day-to-day work. • Utilise crowd sourcing to understand some of the innovative trends that an organisation • can create. Drive partnerships with external parties to co-create innovative technologies, • processes and or solutions • Drive the digital agenda across the organisation ensuring that client offerings are in line • with expectations, drive digital into the work place and create innovation teams and • innovation partners to drive further initiatives • Derive value from Data by building a customer relationship management backbone

INSIGHT 3

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Industry wide challenges across Financial Services


ANDREW@CARBONADO.CO.UK INFO@CARBONADO.CO.UK CAREERS@CARBONADO.CO.UK

07872 463 882

CARBONADO PO BOX 56494 LON DON SE3 3DJ

W W W. CA R B O N A D O . C O . U K

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