How do banks face profound industry changes driven by rapidly evolving customer expectations, emerging technology and new digital challengers? The large Swiss banks continue to dominate the market, with digital challenger banks slowly making inroads.How quickly do traditional banks need to move?
The revised FINMA circular 2018/3 “Outsourcing - Banks” has now been in effect for nearly a year. Experience has shown that institutions are having a hard time particularly with the risk-oriented monitoring of their outsourcing providers (including any sub-contractors these may have hired).
It’s been nearly nine months since the deadline to implement FINMA’s Circular 2017/1 “Corporate Governance – Banks”. And the odds are that you still have doubts about the effectiveness of the Internal Control System (ICS).