Consumer protection has become a top strategic and cultural driver and leading contributor to a company’s future success.
Consumer protection has become a top strategic and cultural driver.
Consumer protection has become a top strategic and cultural driver and leading contributor to a company’s future success. It has moved from Compliance and Risk to the C-Suite and Boardroom, with implications all across the enterprise.
The challenge is to reset corporate culture around conduct and compliance:
KPMG’s consumer protection professionals can help financial services organisations transform regulatory compliance and consumer protection into a strategic business advantage.
In the aftermath of the financial crisis, numerous nations around the globe now recognize that addressing consumer risk and ensuring consumer protection is critical in rebuilding trust in the world’s financial services sector. The G20’s commitment to the Organisation for Economic Co-operation and Development’s (OECD) consumer protection principles, the CBI’s Consumer Protection division (underpinned by the CPC 2012) and the increasing focus on consumer protection in developing European legislation (including MIFID, Client Assets etc) as well as the EBA’s role in respect of consumer protection in financial services across Europe, all reflect the regulatory drivers which necessitate business transformation in the field of consumer protection. All segments, from retail banking, to commercial and wholesale banking, to investment banking and insurance are, or will be, affected.
Whatever the impetus, the result is that consumer protection should now be counted among an institution’s top strategic and cultural drivers — a business issue to be considered at the board level and across all operations and functions. An Institution’s future success may well depend on how effectively it can meet the challenge of enhancing consumer protection. With our global relationships, experience and expertise, KPMG can help.
KPMG’s Holistic Approach
Our framework and methodology incorporate a Consumer Risk Diagnostic Tool.
It can also be tailored to suit particular regulatory requirements (such as CPC 2012 and MIFID) and can be based on current and forthcoming requirements.