Over 600 leaders in Ireland’s financial services sector attended PwC’s Business Leaders' Conference held on Tuesday, 13 November. The event addressed the need for clear and decisive leadership to help these organisations adapt to the ‘new normal’. Key points raised at the event included:
Speaking at the event, Ken Owens, PwC Asset Management Partner said: “In the current environment where we are all dealing with an enormous amount of new regulation we must not lose sight of the bigger picture. The ability to adapt and foresee future trends has bred a ‘natural selection’ environment where the early adaptors who can remain ahead of the competition will survive. That applies both to Ireland as a domicile and servicing centre and to the companies operating in it. Ireland has proven itself to be adaptive and resilient and has been very successful over the last 25 years and this adaptability and resilience will help secure our continued success in the future."
Addressing the audience, Pat Lardner, Chief Executive, Irish Funds Industry Association said: "Most managers are operating in an increasingly complex regulatory environment. Given that Ireland is a global centre of excellence which allows them to grow and develop their business, it is well positioned to continue to address their needs and offer the products and services they know and will require to reach clients. The Irish funds industry has close to a quarter of a century of excellence, innovation and reach and probably the most experience of any domicile in the world in dealing with the most complex fund structures. As result, of its innovation and talent built up during this time, the sector has proven itself able and willing to adapt to changing needs and demands."
Also speaking, Garvan O’Neill, Insurance Regulatory Partner, PwC said: “Increased and more transparent oversight by boards and management of insurance companies, and more broadly for companies operating in the financial services sector, is driving an increase in the depth and breadth of information that they require. Changes to business operating models, business strategies and increased regulation is further adding to the management information change agenda. Addressing this information requirement is about delivering messages clearly and simply. Over the recent past, Board packs have increased exponentially in size, and agendas have become cluttered with standard items. However, this is not meeting Board needs and in fact is frustrating boards in the execution of their duties. Boards want to spend time engaging with management, assessing their skills and knowledge of the business, understanding the key financial, risk and operational measures, challenging decisions and recommendations, evaluating controls and oversight functions and setting the strategy of the organisation. Each of these activities need to be supported by simple, relevant, balanced and prioritised key management metrics and commentaries. For many organisations, meeting this need will is not easily achieved.”
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com..
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.