The new finance regulatory environment

It has been interesting times in the financial services industry for quite a while, with the media currently focusing on court cases around misleading conduct by major global financial institutions during the lead up to and during the GFC. Those in the wrong are being fined, but what will guarantee that this does not happen again?

It has been interesting times in the financial services industry for quite a while, with the media currently focusing on court cases around misleading conduct by major global financial institutions during the lead up to and during the GFC. Those in the wrong are being fined, but what will guarantee that this does not happen again? Current reform and regulation will go some way but unlike BP whose blown-out well was very visible, the day-to-day transactions in the financial world are usually less so or in some cases completely invisible to the general public.

Financial institutions are desperate to reinvent themselves in the post GFC but understandably trust has been lost. What is the answer? While there has always been more than one way to skin a cat (no offence to cat-lovers) trust must, as a start, be built through building open & honest relationships. To create a competitive advantage many organisations will have to become more transparent in their communication to stakeholders. It will not only be about new ways of engaging these stakeholders but also about really listening and measuring what they say. These measurements can be used to benchmark change & focus KPIs across a range of organisational goals.