Recent financial services publications

Publish date:

November 2009
United Kingdom	Shifting gears for the new regime: The role of risk governance in Solvency II Although a number of existing governance regulations currently impact insurers, Solvency II will catalyse a re-examination of whether insurers” governance models are fit for purpose. Since governance forms an integral part of the requirements of Solvency II, the Directive provides a compelling reason for insurers to reassess their systems of governance.
United States	Banking on growth: FDIC-assisted assets may be an opportunity for midsized institutions From the U.S. M&A Industry Advantage Series Many banks are facing new and stricter regulations by their governments and a lack of capital. At present many acquirers view U.S. FDIC-assisted transactions, especially those that include a loss-sharing feature, as a safer means to expand their businesses than private sector transactions. Bankers from around the world can consider use of these transactions to help achieve their growth goals.
United States	Capital Management for Insurers: Cracking the code to monetize the business and rebuild capital A Dbriefs Webcast Insurance companies have experienced significant deterioration of their capital base, with resulting impacts on their ratings, new business prospects, and stock prices, as well as the potential for regulatory action. How can you recover and rebuild in a bleak environment for insurers?
October 2009
U.S. Center for Banking Solutions	Crisis in the Credit Card Industry: Navigating the perfect storm As the global economy settles in the wake of the crisis, the credit card industry is facing a perfect storm. The industry landscape is changing and financial institutions need to understand how to achieve growth, efficiency, and compliance in the changing credit card industry while also managing the risks of a radically different marketplace.
United Kingdom	Considering the business impacts of Solvency II: Insurers take a leap into the unknown The European Parliament voted last April, following protracted negotiations between policymakers, member states and industry representatives, to adopt the Solvency II framework directive. This is expected to instigate a wide-ranging overhaul of capital requirements, company structures and product lines for the industry, and will mandate insurers to set their capital requirements more in line with their risks. Attention is now turning to the challenges of implementation that lie ahead.
United States	Experiences from across the pond: Ten lessons from European IFRS conversion in the Real Estate industry Detractors have critiqued the International Financial Reporting Standards (IFRS) framework for its lack of rigor compared with the US GAAP, and highlighted its failure to enhance comparability. The potential costs of conversion and the distraction that IFRS may cause – at a time when focus on financial reporting rigor and quality of reporting to stakeholders are key – are top concerns.
United States	Getting Ready for Recovery: What banks should consider today A Dbriefs Webcast With the glimmers of recovery showing in the banking sector, what should financial institutions be considering now to better position themselves in a continually evolving marketplace? We’ll discuss threats to market stability, areas where banks should be assessing their positions and the how to reintroduce your institution to your customers through segment-focused customer experience protocols and value strategies.
United States	Testing Anxiety: Bank Secrecy Act/Anti-Money Laundering Independent Testing Survey Although the independent testing of Bank Secrecy Act/Anti-Money Laundering programs has been required by the USA PATRIOT Act since its inception, 51% of financial industry executives surveyed were not very confident that their independent testing would identify any significant weaknesses that exist in their programs before they come to the attention of the regulators.
United States	The Five Myths of Cost-basis Preparedness: Achieving compliance with the Emergency Economic Stabilization Act of 2008 Computing the gain or loss on securities sold under the new cost basis reporting requirements is a significant and challenging undertaking for brokers. To complicate matters further, there are key aspects of the Emergency Economic Stabilization Act of 2008 where the industry is looking for the IRS to provide guidance.
United States	Which is Better: Outsourcing or Shared Services? Deloitte Debates Given current and future trends in shared services and outsourcing, is it better to outsource to a vendor? Consolidate to an in-house shared services center? Or a combination of both?
United States	Winning the Next Round in the Game for Electronic Wallets: It’s not just about payments The ever changing marketplace of financial services is witnessing an emerging competition between banks and e-commerce platforms to provide fundamental commerce services to consumers. From 2002-2007, the e-commerce platforms, which introduced electronic wallets, tripled their share of U.S. online payments while traditional payment companies incurred losses.
September 2009
U.S. Center for Banking Solutions	Getting Bank Governance Right: The bank board member’s guide to risk management oversight Foremost among the challenges facing banks and other financial institutions is a heightened focus on regulation and oversight, with tighter standards already being proposed in the US, UK and other countries. This point of view analyzes board committee charters of large U.S. financial institutions and focuses on the extent to which committee charters address risk governance.
Canada	Pandemic preparedness: Prepare, protect, respond and recover Over the past several months, pandemic planning and preparedness has been a key business issue for many organizations. Will you be ready when and if H1N1 returns this fall or takes a turn for the worse? In this webcast, Deloitte leaders will discuss strategies in responding to the H1N1 virus this fall and other strains of influenza or disease in the future.
United Kingdom	The changing landscape of payments A UK Insights podcast (9 minutes) current trends and regulations for payments; How sanctions are helping to prevent fraud and control risk; New technologies; Update on SIBOS
United States	Mind the Talent Gap: Key findings from a global executive survey on IT talent Deloitte and CIO recently conducted a global survey of information technology (IT) and business leaders. The survey results and executive interviews indicate that the participating IT functional leaders have an increasingly clear understanding of what they must do to support their business strategies, but their existing IT talent strategies and programs appear to be falling short - leaving IT without the talent necessary to do the job.
United States	The people challenges of IFRS conversion Conversion to International Financial Reporting Standards is a multiyear process that impacts accounting, financial reporting, systems, and processes. What HR and organizational design issues should you consider for effective IFRS adoption?
August 2009
Global	Facing the sanctions challenge in financial services: A global sanctions compliance study This study from the Economist Intelligence Unit, sponsored by Deloitte, looks at the sanctions challenges facing the financial services industry. Sanctions are as much a fact of life for modern business as global markets. Financial services firms in particular are devoting increasing attentions to sanctions compliance, as they navigate a shifting regulatory landscape in which guidelines are often unclear.
U.S. Center for Banking Solutions	The New Financial Services Marketplace: Towards a safer and sounder system The shift in the financial services industry from domestic firms engaged in distinct banking, securities, and insurance businesses to universal banks offering a variety of products and services globally, has exposed the shortcomings of current regulatory models. The financial turmoil of the past year has made these weaknesses even more apparent and these challenges call for a careful assessment of current regulatory approaches.
Canada	How to create a business case for core banking replacement: Making the case for change This report takes a pragmatic approach to the challenges of building a case for change. It presents practical and proven advice on how to articulate ‘soft’ benefits, such as operational efficiency and strengthened controls; how to tie the benefits of a core banking replacement to the overall business strategy; and how to structure the business case.
United Kingdom	The Walker Review: Challenges firms now face to be ready in time The Sir David Walker ‘Review of corporate governance in UK banks and other financial industry entities’ was published in 16 July 2009. It recommends the most radical changes to corporate governance in the UK since 1998. This report focuses on the practical steps, including structural and behavioural changes, that organisations will need to take.
United States	Expanding into Banking? Considerations for Nonbanks Continuing adverse credit conditions and strategic considerations have prompted various nonbank institutions to contemplate expansion into banking. For any nonbank institution, a decision to expand into banking warrants careful consideration, and this article provides a précis on the subject for senior executives and board members.
United States	Innovation Tournaments: Driving innovation from within A Deloitte Insights podcast (15 minutes) Some companies today are turning to their employees or customers as a source of innovation. One increasingly popular approach is the “innovation tournament,” an in-house contest designed to systematically harvest employees’ ideas and turn them into profitable new products, services and business improvements. The concept is simple, but making it work can be anything but simple.
United States	Renegotiating Outsourcing Contracts: Play hard ball or win-win? A Deloitte Debate Companies these days aren’t waiting for outsourcing contracts to expire before they renegotiate. Opportunities to improve their positions are significant – up to 25 percent on larger outsourcing agreements. But what’s the best way to renegotiate a contract? Does it make sense to work with suppliers to review the whole service delivery model?
United States	Risk Intelligent governance: A practical guide for boards One of the greatest challenges facing boards today is the development and maintenance of a risk governance program that both strengthens risk management practices and supports business objectives to increase shareholder value. The most effective approach to risk governance involves integration of these considerations into each and every business decision and pursuit.
United States	Sustainable Cost Management in Financial Services: Going beyond the basics This point of view discusses the needs and benefits for financial institutions to have a strategy around their green initiatives. With a renewed focus on “green” from all levels of government, it’s time for businesses to take advantage of new regulations and financial incentives being offered to stimulate the economy.
July 2009
Australia	Dynamics of the Australian Superannuation System: The next 20 years: 2009 - 2028 Superannuation (pension) assets declined in value in Australia in 2008 as overall returns plummeted to -24% and more for many funds and this decline has continued into 2009. The rate of growth of superannuation assets depends on whether the downturn continues for an extended period, rebounds quickly or gradually returns to more normal levels.
United States	Cracking the Code to Generate, Liberate, and Deploy Cash A Dbriefs webcast Companies have declared that cash is king, yet most have not made the shift from managing by earnings to managing by cash. What can be learned from those that have cracked the code and are embedding a cash focus throughout the organization?
United States	Intensive Risk, Elusive Value: A Risk Intelligent executive’s guide to security and privacy The changing business environment has forced companies and executives to enhance their focus on data privacy and security, the absence of which can lead to multiple potential risks. Today, between outsourcing and offshoring, longer supply chains, alliances, partnerships, and other intertwined arrangements, the very definition of the enterprise has changed.
United States	Rebuilding the Relationship Bank: Sustaining in a changing environment As the current economic challenges continue to reshape the global financial services industry, many institutions are “re-inventing” the way they do business, particularly their approach to customer acquisition and retention. This emerging financial services model places an increased premium on building strong customer relationships.
June 2009
Global	Global Risk Management Survey: Sixth Edition: Risk management in the spotlight Against the backdrop of recent developments in the financial markets, this sixth biannual survey of risk management practices across the financial services industry included responses from over 100 financial institutions around the world with aggregate assets of more than US$19 trillion. The survey found that financial institutions continue to have significant opportunities to strengthen their risk management processes and tools.
Global	International Regulatory Cooperation within the Insurance Industry: Sustaining in a changing environment There are many institutions who are viewing the current economic challenges as an opportunity to “re-invent” the way they do business so that it is sustainable in the long term. One area of the industry currently expecting “re-invention” is the future of international regulation in the insurance sector. This report examines and outlines the debate for greater international cooperation between insurance regulatory authorities around the world.
U.S. Center for Banking Solutions	The New Financial Services Marketplace: Restoring Broken Markets The global financial system is undergoing a dramatic transformation. A period marked by high leverage and ever more complex financial products has come to an end. This report explores the emerging trends that signal a paradigm shift in the financial services sector and the resulting implications for institutions, corporate America and the consumer.
Australia	Super fund size matters - Deloitte actuarial research This report confirms the widely held view that larger superannuation (pension) funds have a definite cost advantage over smaller funds. It features and analysis of 60 industry funds, including their cost structures and the returns earned on their default options.
Canada	IFRS conversion: Who’s managing risks on the road ahead?: What stakeholders beyond the accounting department should know Getting from Canadian GAAP to International Financial Reporting Standards (IFRS) will take every Canadian publicly-accountable enterprise on a journey deep into every corner of their organization. To effectively manage this complex, interconnected process, organizations will need to explore the implications of changing not only financial and tax reporting, but many other processes as well.
Netherlands	Model Practice Survey 2009: Practice makes perfect Financial institutions are now under increasing scrutiny by regulatory authorities and stakeholders are expressing growing concerns about the reliability of model practice. This survey discusses the challenges that financial institutions are now facing with risk models at a time. The results of this survey provide insight into the dynamics of existing risk models, and the ways in which financial risk management today can be enhanced to benefit from opportunities and cope with challenges.
Switzerland	Winning in Wealth Management: Strategies for building profitable business operating models The financial crisis since 2007 has changing the basis of competition from growth to cost. At the same time the industry must absorb significant regulatory change. This survey of more than 100 globally operating Swiss–based wealth managers shows clear winners and losers. Wealth managers must identify the key levers that drive profitability and the most successful business operating models for the new competitive landscape.
United Kingdom	Getting to grips with Solvency II In this podcast series, we look at how Solvency II has developed, what Solvency II means for your business and the steps you need to take to both comply with Solvency II and take advantage of the transformative opportunities it provides.
United States	2009 American Recovery and Reinvestment Act: Going Beyond Compliance: Effectively managing stimulus funds today, while creating more lasting business value tomorrow Public infrastructure in the U.S. is receiving a major infusion of federal dollars related to the 2009 American Recovery and Reinvestment Act (ARRA). To prevent large amounts of fraud, waste and abuse from derailing ARRA, it is critical for every organization receiving ARRA funds to get the basics right so that they can help reduce waste, fraud, and other incidents that will tarnish the reputation of the spending agency.
United States	Coaching Sales Reps in Tough Economic Times No matter the obstacles in the current market, we believe maintaining and growing customer relationships will always be important. Many financial services companies are turning to coaching as a way to offer support for their sales reps. It represents a focused and practical way for financial institutions to complement and reinforce training in a more personal, real-time way.
United States	Fraud Response Management: Is your organization prepared to execute an efficient and effective response? Organizations that have designed and tested disaster plans have learned that the time to plan is before catastrophe hits and not after. Yet some of these same organizations may not have applied this same thinking to the business risks associated with fraud and, consequently, may not have adequate processes in place to deal with allegations of fraud and misconduct.
United States	Generation Y: Why Banking and Securities Firms Should Look Again: Could this powerhouse generation provide reinforcements for your short-term and ongoing strategies? Our recent survey reveals that Gen Yers are optimistic and value career opportunity over job security. Respondents from banking and securities also reported that they are tuned in to company culture and reputation, have a high level of trust in their bosses and their companies, and welcome opportunities to work on innovative programs with senior staff. However, most plan to leave their companies in two years or less.
United States	Insurers Risk Intelligence: New Insights and Opportunities for Risk Management The losses and declines in market value associated with the recent economic environment have revealed new insights about the complexity of risk, such as the increase in systemic risk and the inter-connectedness between financial risk and risk embedded in insurance products.
United States	Managing Risk in Global Investments: Look Before You Leap The annual “Look Before You Leap” survey addresses how companies are using background/integrity checks to manage the risks inherent in investments and new business relationships outside the U.S. This year’s survey also addresses how companies are complying with the U.S. Foreign Corrupt Practices Act (FCPA) and the challenges they are facing.
United States	Proactively Managing a Credit Card Business in the Current Downturn: Suggestions for credit card executives The ongoing credit crisis has resulted in an increase of delinquency levels and charge-off rates. This report gives the action steps that issuers may consider for reducing the impact of losses and positioning for near-term growth and profitability when a more favorable market environment returns.
United States	Real estate Funds: Five keys to success The capital markets and tumultuous economy have made it difficult for existing real estate funds to continue to perform at the superior risk-adjusted returns that investors have come to expect. But the potential for attractive returns that can be achieved by taking advantage of the current valuations present in today’s market.
May 2009
Global	Adding value in a time of volatility: Tax topics for the Financial Services Industry Almost every aspect of the financial services business model is being re-examined and re-invented. One key element of this re-invention is to carefully consider the tax impacts of each of these market driven changes. This new report uncovers the impact tax has on several key business issues. It covers five key business issues, including: Tax loss utilization; Acquisitions and divestments; Compensations and reward; Finance transformation; Updating transfer pricing models.
Global	The Transformation of the Global Financial Services Industry: Thriving in a changing environment As the economic downturn, liquidity crisis, and related asset repricing continues to impact the global financial services industry, it is increasingly clear that these events will not only be prolonged – they will also leave the industry utterly transformed. This report identifies industry thinking on what is driving this transformation, and what institutions will need to do in order to thrive in this changing environment.
Deloitte Research	Exchange-Traded Funds: Challenging the dominance of mutual funds? Exchange-Traded Funds (ETFs) have become part of a number of retail and institutional portfolios. Their fee structure, tax efficiency, and increased level of transparency have made them popular with the investors. In addition, they provide accessibility for retail investors to invest in individual commodities such as oil or gold, thus challenging the dominance of open-ended mutual funds, the undisputed heavyweight of investment products. The report by Deloitte Research provides an introduction to ETFs, how they are formed, and a comparison between ETFs and Mutual Funds.
U.S. Center for Banking Solutions	Improving Efficiency: The new high ground for banks The turmoil in the financial markets, coupled with the economic downturn, is altering the financial services environment. In this new world, improving operating efficiency is becoming a competitive necessity. However, while financial firms have typically moved quickly to reduce costs when the business cycle is contracting, far too often these efforts have been quickly forgotten when business picks back up.
Bermuda	Bermuda Insurance Market 2008: Navigating through the storm After record breaking operating results in 2006 and 2007, Bermuda (re)insurers were faced with a challenging year in 2008. The 15th Annual Bermuda Insurance Survey – a collaborative effort between The Bermudian Business magazine, Deloitte, and Standard & Poor’s – examines how the Bermuda reinsurance market faired in 2008. It takes a look at 24 companies’ financial statements and provides analysis and commentary on the future of the industry.
Switzerland	Operational Risks in Swiss Banks: Ambitious Ascent, Promising Outlook Banks have been forced by Basel II to take a closer look at operational risks and to consider ways of implementing appropriate methodologies, processes and systems. Increasingly loud calls are being heard for state intervention, greater regulation and improved risk management and control systems for banks.
United States	Evolving Operating Models Within the Hedge Fund Industry: How hedge funds are becoming the ultimate networked enterprise As the market dynamics and complexity of investment strategies and products has changed the playing field of the industry, it has become imperative for hedge funds to carefully select and manage their partners. Lack of credit, failure of broker-dealer and banks, and volatile assess value have heightened the importance of risk management, operational controls, and business relationship management.
United States	From Recession to Recovery: A Risk Intelligent strategy for all economic times A Deloitte Insights podcast Today’s turbulent economic environment calls for greater attention to risk management than ever before. Stressors such as low consumer demand, limited access to credit, market uncertainty and the global recession can increase risk exposures far above acceptable levels. A strategic view of risk can help executives protect and pursue enterprise value throughout the recession and beyond.
United States	Mining the Retirement Income Market This paper examines the size and characteristics of the retirement income market, highlights innovation opportunities, assesses the competitive landscape, and lays out action steps that financial services companies across sectors – banks, insurance companies, mutual fund companies, and brokerage firms/investment managers – should consider taking to position themselves for leadership in the market.
United States	Risk Intelligence in a Downturn: Balancing risk and reward in volatile times Current economic stressors call for greater attention to risk management now more than ever. Low consumer demand, limited access to credit, capital markets volatility and the impacts of the global recession are all factors that can raise risk exposures beyond acceptable limits if they are not thoughtfully addressed. The good news is that the concept of Risk Intelligence has much to offer as you strive to manage risk under these challenging conditions.
April 2009
Global	Understanding the Upside of Tax Losses: Growing in a changing environment There are many financial institutions who are viewing the financial crisis and the economic downturn as an opportunity to grow their businesses. One of the most immediate sources of value is in the area of tax losses. This report outlines some of the key considerations businesses need to take into account in order to ensure that the tax losses can be utilized as a benefit for future growth.
Global	The pink slip dilemma: Talent management in a down economy A Deloitte Global Insights podcast (27 minutes) The economy is taking a toll on companies throughout the world. Staff cuts are a common side effect and managers are being forced to make tough decisions. We know employees are feeling the strain too and need to remain motivated and engaged. Overall, it’s not a great situation for the employer or the employee. This podcast looks at strategies for managing talent in the current economic climate from employee retention and transition to sustaining corporate culture.
U.S. Center for Banking Solutions	The End of Self Regulated Markets: A Framework for Regulatory Reform A Credit Crisis Advisory from the U.S. Center for Banking Solutions - Volume VIII On 26 March 2009, U.S. Treasury Secretary Timothy Geithner unveiled details of the Obama Administration’s proposals that call for major changes that would address systemic risk and eliminate gaps in the U.S. regulatory structure. The proposal also expands on the Administration’s request for a broad resolution authority that would allow orderly dissolution of insolvent firms” whose failure would threaten the stability of the financial system. In the attached Credit Crisis Advisory, we look at the scope and details of the proposed plan and discuss some of its implications to our clients.
Australia	Managing expectations in volatile times A Deloitte Australian Insights podcast (10 minutes) This podcast discusses how these volatile times are affecting staff, customers and financiers and the various ways to drive people to achieve better results in today’s climate. It will also detail quick actions businesses need to drive themselves forward and keep themselves on track.
Belgium	Bank on the future: talent!: Talent management in uncertain times Talent is scarce and must be cherished. Talent is a guarantee for the future. But we are in the middle of a crisis, and cost management is topping the agendas worldwide. What is the best way to manage talent in times of crisis? Three specialists shed their light on this delicate balance.
Canada	Before you take any action, make sure you understand your derivative exposure: Derivatives gone wild Continuing market volatility is raising questions about whether companies with derivatives on their books were prudent enough. Corporate boards, audit committees and shareholders now want assurances that their companies have not invested in exotic structured products. In some cases, stakeholder expectations, as well as fear, are making companies more reluctant to use derivatives.
Central Europe	Fast growth in Central European banking sector The rapid growth of the Central European (CE) retail banking sector is visible in the growth of credit to households, mainly housing and consumer loans. The attractiveness of the sector is clearly shown by the current double-digit growth rates – significantly higher than Western Europe. The competition on the CE retail banking market is harsh; the first entrant to a market usually takes the most. Banks also need to start to look at efficiency improvements such as cost optimization or reorganization of back office functions.
China	China real estate investment handbook: The details that make a difference The release of the 2009 edition Handbook comes against a background of global economic turmoil triggered by the global financial crisis, the effects of which are now being felt in China. The real estate sector is a significant pillar of the Chinese economy and is not immune to the current crisis. This Handbook will keep you abreast of the investment climate and significant regulatory changes that may have implications for your clients” investments.
Luxembourg	What is its impact on the Luxembourg financial industry?: Study Deloitte / ABBL Deloitte, with the support of the Luxembourg Bankers’ Association (ABBL) and the “Association Luxembourgeoise des Professionnels du Patrimoine” (ALPP), has conducted this survey. Is this the right time to discuss the impact of regulations, and therefore their cost, on the financial sector? This is a legitimate question at this time of acute financial crisis. The context is, in fact, unique.
South Africa	Private Equity Q1 2009: South Africa is resilient but not immune to the credit crisis The sixth South Africa Private Equity Confidence Survey, conducted in collaboration with the South African Venture Capital and Private Equity Association, provides insight on the market sentiment of private equity investment professionals on a broad range of topics, covering fund raising, deployment of capital, competition for assets, exit strategies, BEE and human capital requirements, amongst others.
United Kingdom	Restructuring Financial Services: Realigning Assets A Financial Services Market Insight (10 minutes) One of the biggest issues banks face in today’s increasingly challenging economic environment is what to do with bad assets? One approach is to create a new organisation either within the bank or nationally, into which bad or “toxic” assets can be moved in order to create value to shareholders and free up a bank’s balance sheet.
United Kingdom	SEPA and the Payment Services Directive for banks: The opportunities for banks The regulatory changes from the Single Euro Payments Area (SEPA) which requires full migration by 2012 and the Payment Services Directive (PSD) which comes into effect in November this year, present banks with new compliance requirements. Their IT infrastructure will need addressing to comply with the XML messaging format and a new strategy for payment processing, in-sourcing and out-sourcing will need defining.
United States	2009 Insurance M&A Outlook: Opportunity in an uncertain environment Although insurance merger and acquisition (M&A) activity declined sharply in 2008 and the first quarter of 2009, we believe it is likely to increase later this year. Large banks, financial institutions, and insurers are looking for ways to divest their non-core insurance businesses in order to fund potential capital shortfalls. Strategic buyers seeking to expand their markets and geographical reach appear to be focusing on growth, distribution and scale.
United States	Altering Compensation Approaches to Reflect the Changing Financial Services Landscape The market events of 2008 have caused financial services organizations to rethink their strategy and approach to both short-term and long-term compensation programs. New compensation plans will need to align with shareholder objectives, profitability targets and cost constraints, while at the same time developing and retaining top talent. Financial services institutions will need to consider tailoring their compensation programs by key employee segments.
United States	Analytics and Action: The Critical Difference in Claims Claims are the single largest spend for a property & casualty insurance company. Typically, up to 80 percent of each earned premium dollar is “claimed by claims” as pay-out and related expenses. Insurers who can equitably settle claims while reducing claims costs by just one percentage point will save significant expenditures.
United States	Emerging Stronger: Transformative Shift Toward Collaboration Marketing From 2009 Marketing Outlook Survey Organizations are slashing marketing budgets and reducing staff, and marketers are being asked to do more with less. Despite the economic challenges, marketers report significant accomplishments in 2008 and confidence in their ability to execute in the uncertain environment ahead.
United States	Getting Ahead: How leading U.S. companies are approaching IFRS today A Deloitte Insights podcast (30 minutes) As companies develop strategies for managing through the economic downturn and evaluate their short-hand long-term priorities, some leaders are factoring International Financial Reporting Standards (IFRS) into their plans today. Recognizing the value of planning ahead and the need to competitively position the organization for the future, forward-thinking leaders in the U.S. are taking steps now to prepare their organizations for IFRS.
United States	IFRS: What it Means for Private Company Reporting This report discusses the movement toward International Financial Reporting Standards (IFRS) and its implications for private company financial reporting in the U.S. It looks at some issues which may be unique to IFRS for private companies and the efforts of the IASB to develop a set of global standards geared specifically to private companies.
United States	In a Downturn, Is Protecting Yourself Enough? Deloitte Debates Faced with threats to their survival, companies around the world seem to be doing everything they can to stabilize their operations. But what does that really mean? Should you retreat to the castle and wall yourself in? Or should you fight to protect the outskirts of your kingdom?
United States	Managing Fraud Risk: The Need for Prevention and Detection A Deloitte Insights podcast (33 minutes) When it comes to putting together a fraud risk program, executives may not know where to start, but just by figuring out which risks need to be addressed, and in what order, they’ve already won half the battle. Complacency is no solution: Preventing and detecting fraud is everyone’s business.
United States	No Credit? Big Problem: Focus on short-term cash or long-term growth? Deloitte Debates The credit crisis and economic downturn have already pushed some companies to the brink of bankruptcy. Credit is tight and there’s no end in sight. Should you hunker down and focus on cash? Or should you use the downturn as an opportunity to grab market share and drive long-term growth? In reality, both strategies have inherent risks to the business.
United States	Private Trust Companies: An Alternative Approach for Wealthy Families Trusts are one of the primary vehicles used for passing wealth from one generation to the next. The trustee of a trust is responsible (directly or indirectly) for productive asset investment, sound decisions on beneficiary distributions, protection of the trust corpus and timely, accurate completion of financial reports and tax returns. For some families, establishing a private trust company to act as trustee may be an alternative to the more traditional institutional bank or individual trustee arrangement.
United States	Sovereign Wealth Funds: Real estate partners in growth? Despite turbulence in U.S. and global financial markets, U.S. commercial real estate may have both near- and long-term appeal to sovereign wealth funds (SWFs). SWFs have made a big splash in the past year with a broad array of investments in the financial services sector, along with several notable real estate investments. This report delves into the effects of the current environment that make real estate an attractive as a hedge against currency depreciation with potential for long-term capital appreciation.
March 2009
United Kingdom	Managing talent in a turbulent economy: Playing both offense and defense The economic downturn has brought enormous pressure on businesses to cut costs and reduce staff levels, while at the same time, the need to attract, retain and motivate key talent grows stronger. This survey of 326 senior global company executives identifies how multinational companies are trying to strike the right balance between these two conflicting priorities.
United States	Improving Claims Services in the Insurance Industry In current economic conditions, the choices for claim professionals to gain a competitive edge are varied. Only those solutions which effectively fulfill insurers’ needs will be capable of creating their own identity in the crowd. Insurers today are striving to improve the quality and speed of their claims at three major junctures in the claim process: front end, middle process and the final phase.
February 2009
Global	2009 Industry Outlooks: Banking & Securities: Challenging times, emerging opportunities The banking and securities industry enters 2009 in an unprecedented state of turmoil and dislocation. What started as a credit issue in the subprime niche of the mortgage market has extended to all corners of the financial services industry, and all corners of the globe. What was a financial crisis is now a full-blown economic crisis with global impact.
Global	Derivatives Trading within the European Asset Management Industry: Sustaining in a changing environment As the new liquidity paradigm continues to reshape the global financial services industry, there are many institutions who are viewing this as an opportunity to “re-invent” the way they do business. One area of the industry currently facing questions about its future is the continued use of financial instruments – including the market for derivatives.
Global	Evolving Models of Retail Banking Distribution: Adapting to a changing environment As the “credit crisis” continues to reshape the global financial services industry, there are many institutions whose major focus remains on quickly adapting their business models to this new environment. One area of change that institutions are adapting to is the on-going challenge of securing funding and capital, with many banks re-focusing on customer deposits as a more stable source of funding.
Global	The 6th Annual Global Security Survey: Protecting what matters This annual survey benchmarks IT security and privacy in the financial services industry. As in previous surveys, respondents recognize that people are both an organization’s greatest asset and its weakest link. But security vigilance is even more important in hard economic times when the increased stress levels can lead people to behave in atypical ways. Also, the growing popularity of social networks and the proliferation of mobile media all cause an extra load on internal and external security.
U.S. Center for Banking Solutions	Integrated Compliance and Risk Management: Rethinking the approach for a more effective and cost-efficient operating environment From the U.S. Center for Banking Solutions As a result of the unprecedented market turmoil, financial institutions are taking a critical look at how they manage compliance and risk to gain a better understanding of how their institution is impacted by the dynamic risk environment of a global financial community. This point of view examines a holistic approach to managing compliance and risk, which includes the need to implement and apply compliance management across the enterprise to insure it is truly effective and efficient. Anything less only adds the risks the enterprise faces.
Australia	Australian Mortgage Report 2009 The annual Deloitte Australian Mortgage Report reveals that total outstanding mortgage lending across Australia continues to grow at around 10% p.a. to September 2008 this year despite the volatile economic conditions. Settlements however, were subdued, down more than 20% to less than $20 billion a month since September 2007.
Belgium	The impact of regulation: Taking stock at this historical turning point Was the recent financial crisis caused by deregulation or by ill-targeted regulation? The answer to how much regulation is appropriate and how this regulation is best targeted and calibrated will emerge from a debate that allows all stakeholders to provide their input.
Belgium	There is a future for the bank branches This study was conducted by Deloitte Belgium and Vlerick Leuven Gent Management School and published in February 2009. It discusses what customers expect from their bank branches and how these expectations will evolve in the future. While the research focuses primarily on retail banking customers in Belgium, there are universal truths and the findings are of global interest.
United Kingdom	Focused on the fundamentals: A sustainable approach to cost reduction The effects of the credit crunch, and stalling income growth from the deterioration of market conditions, are increasingly forcing financial services organisations to reconsider their cost positions. Whilst most senior executives recognise that there is scope for cost savings within their organisations, it is often harder to visualise how these savings can be realised. This publication discusses organisations can move towards a more efficient and maintainable cost base, whilst embedding cost management disciplines and a culture of continuous improvement.
January 2009
Global	Triggering the Tax Advantage: Tax tactics for the global financial services industry This report, the third in a series, examines how tax impacts some key financial services business issues in light of the current global credit crisis. It discusses how tax can play a role in creating a competitive advantage and ultimately help institutions thrive in this changing environment. It includes sections on enterprise risk management, customer relationship management, information technology, mergers & acquisitions, regulatory compliance, human resources, and IFRS.
Canada	Taking control in turbulent times: It’s time to make the call This guide identifies seven key questions clients must be able to answer – now. It outlines longer-term changes businesses can adopt to improve risk management, enhance valuation methodologies and strengthen relationships with customers, suppliers and lenders.
Canada	The credit crunch hits the credit card industry: Eight ideas to help credit card issuers manage through the downturn Credit card providers are under extraordinary stress due to the credit crisis, and Canadian issuers who do not take precautions against portfolio risk during times of economic uncertainty may begin to see an increase in delinquencies and defaults from credit card customers. This report provides suggestions on how Canadian credit card issuers can effectively manage their portfolios to decrease risk and plan for long-term profitability. It found that Canadian consumers have increased their debt-to-disposable-income ratios more than 130%, higher than the current U.S. rate.
China	Turmoil in the world’s financial markets: The right response of Chinese banks The sub-prime mortgage credit crisis originated in the United States has made a worldwide economic recession a near certainty. Whether the Chinese banking sector can be spared from the consequences and how the banks will respond to such crisis are hot issues in academia and in industry circles. (English text follows Chinese text.)
United States	2009 Industry Outlook: Real Estate: Facing complex challenges Following several years of spectacular returns for the commercial real estate industry, global credit problems that began in the U.S. residential subprime market have spilled over into the commercial debt markets, resulting in suppressed transaction volumes and limited access to financing. Although real estate remains a relatively good investment option, the real estate sector itself faces several challenges in 2009 that are symptomatic of a general economy in distress.
United States	Mobile-Banking: Can Elephants and Hippos Tango? Cross-industry convergence between banks and mobile providers can transform existing businesses and generate compelling new services to end-users. However, making banks are omnipresent and transforming cell phones into pocket-sized bank branches requires smart business and sound partnerships between the banking and mobile industries. These industries will have to evaluate an effective partnering model that will allow them to rapidly achieve critical mass and offer superior customer value proposition.
United States	Shaping the customer experience: Key to expanding term insurance opportunities To optimize the opportunities in the term insurance market segment, insurance providers need to connect with customers and capitalize on important milestones in their lives. This study discusses why insurance carriers and broker/agents offering term insurance need to create a positive shopping experience for customers. Only by delivering customer intimacy on a mass scale can insurance providers position themselves effectively and expand their business in term insurance and beyond.

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