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Ed Sibley: Disruption in financial services - navigating the winds of change

发布日期:2021-11-30 11:43:34浏览次数: 信息来源:


Good morning. I would like to thank the ACOI for inviting me to today's conference. The conference theme – "From Tiger to Crisis to Recovery & Beyond – the future evolution of Compliance" – resonates well with me. We are in a period of considerable uncertainty and change, with a strong need for continued evolution and agility to successfully navigate this change.


I spoke earlier this year about the implications of uncertainty for how we think about risk and probabilities, and importantly how we govern, lead and manage 2. The Central Bank's new strategy3  takes account of our view that the next decade will continue to be characterised by rapid change in our societies, our economies and in the financial system. These changes will be driven by, among other things, technology disruption, the climate crisis, demographic change, different ways of working and the associated societal impacts.


This level of change and the associated uncertainty presents real challenges for boards and senior management. They need to have sufficient understanding of the breadth of the changes and their implications and gain assurance that there is sufficient depth of expertise within the organisation to take advantage of the opportunities and manage the associated risks. The second line (compliance and risk) and third line (audit) functions have an important role to play in both supporting and challenging boards and senior management in these areas.


(Full text available at BIS,19 November 2021)