English in Banking blog
2024 is the year of strategy and transformation for Internal Audit (IA) functions. The new Global Internal Audit Standards are an excellent opportunity to elevate IA’s value and impact.
EMIR REFIT – the Deadline is approaching: A decade of regulations to enhance derivates market integrity
Following the 2008 global financial crisis, and the G20 decision, the European Parliament introduced the European Market Infrastructure Regulation (EMIR). Among other things, this mandated that all firms engaged in derivatives contracts in the EEA (European Economic Area) report their transactions with counterparties. The aim was to enhance transparency and identify any systemic risks associated with Over-the-Counter (OTC) derivatives trades in Europe. From the very beginning, the Swiss Financial Market has supported their EU clients, either through branches, subsidiaries or directly, with the fulfilment of these obligations.
We have been talking about AI in wealth management for years. With Gen AI, it is finally happening. Wealth management firms have started to build their AI capabilities and bring use cases to life.
During the European Financial Services Transfer Pricing conference, hosted by Deloitte in Zurich on 18 January 2024, industry leaders, tax administrations and our global tax experts discussed the latest trends and developments. There are growing challenges for tax practitioners as a global patchwork of ever more complex rules develops. Tax law has not yet caught up with remote working – including cross-border. TP is and will remain a major topic, and with additional complexities in financial services.
Unlocking business value with GenAI for banks
In today's rapidly evolving digital landscape, the financial sector stands at a crossroads. Banking institutions have long been a bedrock of trust and stability. But the integration of Generative Artificial Intelligence (GenAI) into banking operations will represent a seismic shift not just in technology but also in business potential. What does this mean for banks in practical terms? Here we look briefly at the business value that GenAI brings to the table, focusing on how the use of GenAI could impact Swiss banking secrecy.
Sustainable finance - All countries need to step up the pace of financial regulation and supervision to meet the Paris Agreement. Find out about the gaps in terms of climate, environmental & social considerations in central banking, financial regulation
Five key highlights
- Slow progress, at an uneven pace, particularly in major economies - Only 18% of central banks show exemplary progress in integrating climate-related risks into their monetary policy and central banking activities, whilst 68% of high-income countries have not yet adopted adequate climate and environmental banking supervision policies.
- Basic E&S risks unaccounted for - The current focus remains primarily on climate. Broader elementary environmental and social issues are still lagging in banking & insurance supervision and in central banking activities.
- Banking & Insurance supervision - More than 20 countries with net-zero targets still have notably low climate banking and insurance supervision policies fulfilling less than half of SUSREG criteria.
- Central Banking - Out of 45 central banks in scope this year, only 9 have shown commendable progress in integrating climate risks into their monetary policy and central banking activities.
We would like to invite you to the upcoming event on the 9th of November 2023 in Vaduz, Liechtenstein. The topic of this event will be on the latest findings and current trends in digitalisation in the field of private banking. This event is organised by the Liechtenstein Bankers Association. Outstanding experts from Liechtenstein's banking world as well as representatives from Deloitte and Salesforce will be present.
Join us: on the 9th of November 2023 in Geneva at the BSCC event on Nature-related risks and Nature-based investment solutions
This important event builds on the memorable visit last year to the BSCC Geneva Chapter of Patrick Odier, Chair of Building Bridges, by demonstrating how nature-focused mindset and business are becoming mainstream.
We would like to invite you to our upcoming in-person tax event taking place on Wednesday, 15th of November 2023 at 4.30 pm CET at our office in Zurich.
Navigating the future of payments: Second Deloitte Future of Payments event in Zurich, 19th October 2023
The second Deloitte Future of Payments event in Zurich on 19th October 2023 was a stimulating exploration of insights, innovations and trends that are shaping the payments sphere, both globally and in Switzerland. The event included keynote speeches and a panel session with experts from the payments industry and the regulatory community. Furthermore, attendees were able to forge valuable connections with others in the industry.