Workshop organized by ISO and NEN to establish new ground in current global trends

April 6, 2011  |  Uncategorized

After the financial market crisis, the Financial Services Industry is at the crossroads, with substantial challenges facing regulators and market players in their effort to restore public confidence and to create effective, long-lasting conditions to prevent a similar crisis in the future. A global transformation of the industry is taking place, driven by market and political forces.

Global trends
In the upcoming transformation of the financial services industry, the global trends are:

  • A decrease of the numbers of global players, with an increased commoditization of services and products.
  • An ever-tougher environment of regulation will induce continuous investments with no return.
  • An extension of bi-(multi) – lateral agreements (self-regulation) to prevent external regulation
  • An increased harmonization of the various markets all around the world
  • New challenges for security due to the transfer of fraud on new channels and medias
  • Modification of the channels usage with the arrival of new banked people grown in the paperless real-time world (younger generation and previously unbanked people)
  • A more educated and aware customer base requiring a newer approach

Objectives of the workshop
This workshop is an opportunity for  TC 68 to review its objectives and priorities considering present and future challenges facing the financial services industry – on the basis of input provided by its members (through its sub-committees and study groups, including notably the new one focused on the dialogue with regulators) and organizations in liaison.

The focus of TC 68, which can be supported by feedback from the workshop, is summarized below:

  • Identifying the needs for new standards supporting evolving business needs, innovation, regulatory requirements
  • Promoting adoption of existing international Standards
  • Managing coexistence of ISO, other standards and proprietary means
  • Identifying and securing the participation of stakeholder and industry players

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