Deloitte Australia has today launched a new centre to assist financial services companies in managing compliance and regulatory challenges across Asia Pacific.
Deloitte Australia has unveiled its Asia Pacific Centre for Regulatory Strategy (ACRS) to help strengthen its advice provisioning to clients managing “complex regulatory change” across the region.
The new centre will aim to promote regular dialogue with regulators as well as help provide insights into managing the aggregate impact of regional and international regulatory policy.
Kevin Nixon, leader of risk and regulation at Deloitte Australia and lead partner of Deloitte’s ACRS, said the development of the centre will significantly enhance Deloitte’s regulatory advisory capabilities across the region.
“The launch of this centre marks an important development for financial institutions that operate across the Asia Pacific region as they have the added layers of complexity [in] managing unique markets and varied regulatory frameworks,” Kevin Nixon said.
Deloitte’s Asia Pacific enterprise risk services leader, Dr. Janson Yap, said that financial institutions in the Asia Pacific are facing growing pressure to comply with international regulatory timelines while managing varied local regulatory requirements.
“This centre will help organisations navigate these challenges by taking a forward-looking view of regulation and its implications on business strategy,” Yap said.
According to a report on regulatory reform published by the ACRS last month, regulation has increasingly emerged as a “major strategic consideration” for financial services firms in the seven years since the onset of the Global Financial Crisis in 2008.
“Each framework – [including] Basel III and IV, shadow banking, and conduct and wholesale market reforms – brings a unique set of challenges, especially for organisations that operate across multiple jurisdictions,” the report states.
“Managing the combination of regulatory reforms will be particularly challenging. However, firms that effectively integrate the regulatory outlook into their strategic thinking can achieve a strategy that is for purpose, now and in the future.”