Exploring the world of artificial intelligence
IN this digital age, we are now facing a totally different sphere where technology has been transforming the world we live in.
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IN this digital age, we are now facing a totally different sphere where technology has been transforming the world we live in.
ACROSS government and private enterprise, local leaders see climate change as an opportunity to create places that are not just environmentally friendly but also socially equitable.
LUXURY companies are taking a more comprehensive approach to sustainability. They see that ESG strategy and business strategy are now one and the same. Firms including Burberry, Hugo Boss, Guess and others have created environmental targets that include reducing Greenhouse Gas (GhG) emissions and paving a decarbonization pathway for the fashion industry using Science-Based Targets Initiative (SBTi) methodologies. Fashion icons, in particular, have long been associated with environmental activism such as Stella McCarthy pioneering new materials to avoid using materials like leather.
RAPID digital acceleration has challenged many industries to balance tradition with innovation. However, this tension is particularly acute for the luxury sector. A striking paradox exists between traditional luxury, which centers on exclusivity and scarcity versus modern luxury, which enables accessibility to all.
RAPID digital acceleration has challenged many industries to balance tradition with innovation. However, this tension is particularly acute for the luxury sector. A striking paradox exists between traditional luxury, which centers on exclusivity and scarcity, versus modern luxury, which enables accessibility to all.
You have probably heard of the phenomenon called “app fatigue.” Like Mark Twain’s demise, this has been much exaggerated.
ACCORDING to one senior human resources leader at a large global bank: “The HR function is moving from a world where it used to match people to jobs to a world where it matches skills to work.”
BEYOND the challenges involving redefined work forces and the application of new skills and a modern employee experience, today’s Human Resources (HR) leaders need to meet the arrival and proliferation of artificial intelligence (AI), robotics and machine learning (ML) head-on.
SECURING sufficient skilled people is seen as a challenge for nearly 9 in 10 insurers. This is nearly double the proportion that say securing budget is a significant issue. Also, a growing number of insurance companies are expecting to make significant use of external resources, in particular to steer their program as its complexity becomes apparent or to try and make up lost time.
IN today’s era of unprecedented change, business leaders, starting with CEOs and board members, can play important roles as informed and decisive change agents on the road to transformation, particularly in light of the survey’s findings that lack of available funding is the top-cited challenge (47 percent) to implementing new and innovative technologies, such as process and cognitive automation into the human-resources (HR) function.
Governments globally are recognizing the emergence of financial technology (fintech) as a means to deliver social and economics outcomes more effectively and efficiently.
In December 2015, the IASB responded to these potential issues by proposing amendments to the existing IFRS 4. The exposure draft ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts proposed:
IN the period immediately following the financial crisis, regulators across the globe focused on strengthening the resilience of insurers by applying higher solvency standards and enforcing greater oversight from the risk-management functions. However, customers still continue to feel a sense of mistrust in the insurers that they interact with and examples of customer detriment continue to emerge. On top of this, the way that insurers interact with their customers is evolving with an increase in digital interaction. This includes the growth of insurance in new markets leveraging digital solutions to meet the needs of new consumers.
THE postcrisis era of increased transparency has resulted in many firms stepping in to assess the quality and the management of the core reference-data sets on which they are basing their trading, risk management and operational decisions. Reporting requirements to regulators and clients has also escalated in this environment that, in turn, has increased firms’ internal-data aggregation, storage and management requirements. This has given rise to the establishment of more data-governance programs within firms across the industry, and the creation of C-level executive positions dedicated to championing data management and data governance at the enterprise level. Whether they are called chief data officers or any other variant, these individuals face a tough task ahead—how do you effectively manage data across operational and geographic silos and introduce a culture of data responsibility within the business, while meeting ongoing tactical and strategic targets and cost-saving goals?
IN a sector challenged by sometimes dramatic and unforeseen change, KPMG offers banking clients an advisory portfolio that combines agility and innovation to deliver sector-specific insight and approaches or methodologies designed to meet the unique needs of banks around the globe.
In addition to system resilience and disaster-recovery measures, business continuity plans (BCPs) should be updated to handle e-banking disruptions. For example, business departments and customer-facing staff should be aware of the response plans and customer communication plans in the event of e-banking channel disruptions. A contingency plan for a major e-banking disruption or security breach should be formulated, so that senior management and the team responsible for crisis management can follow the contingency plan to strategize the response in such an event.
ONE of the key risks pertaining to e-banking systems using the Internet is cyber-security risk. In recent years, a number of high-profile cyber attacks on e-banking systems have led to massive service disruptions and data leakages. With the increased frequency and sophistication of cyber attacks, many organizations are performing in-depth reviews to understand the capabilities of the information-technology (IT) function with regard to mitigating cyber risks. The following six domains are the key areas that organizations should look into when addressing cyber risks.
Commentators agree that Asia Pacific will be one of the main growth drivers of the investment-management sector going forward. Yet few “foreign” investment managers have managed to make much headway in this diverse and continuously changing region. However, recent developments in the region’s regulatory landscape offer new promise for foreign players and local markets alike.
One would be hard-pressed (and perhaps rather foolish) to deny the impact that the Internet of Things (IoT) will have on the world around us. From automated cars and home monitoring systems to the management of infrastructure and the safety of underwater pipelines, IoT is already proving its ability to disrupt and transform virtually every aspect of our lives.
Will the next round of competition in the insurance sector be fought—and won—by machine learning? It would seem so, with a handful of your peers already starting to arm themselves with the skills, capabilities and technologies to start winning the early battles. Are you ready to compete in this new environment?
There is universal recognition that income-tax evasion starves governments of much-needed revenue and undermines the perceived fairness of tax systems. Evidence of tax evasion has spurred support for a common reporting standard to catch evaders no matter where they reside. The G20 asked the Organization for Economic Cooperation and Development (OECD) to develop a model; the Common Reporting Standard (CRS) would be automatic and could be rolled out globally. Establishing a global regime to exchange account information facilitates tax transparency, which, in turn, will lead to greater compliance with the income-tax laws across jurisdictions.
In the immediate aftermath of the banking crisis, there was a political imperative to solve all of the industry’s ills quickly. Inevitably, in their haste, regulators didn’t have the time to review the long-term impacts of the urgent actions taken to stem the causes of the crisis. Now that we have moved past the point of immediate crisis, the “new normal” in the banking environment has emerged. Now, banks and regulators are finally able to look more dispassionately at the ramifications of the original emergency measures.
MORE than seven years after the onset of the global crisis, the financial sector continues to attract unwanted headlines, with the spotlight shifting somewhat from banks to insurers. Consequently, regulators are taking a heightened interest in organizations’ risk management and underlying cultures. In 2014 the International Association of Insurance Supervisors called for insurers to demonstrate “the ability to promote a sound risk and compliance culture across the group.”
We have devoted a great deal of effort in the years since the global financial crisis to trying to understand the fundamental changes impacting the financial services industry, and gauging how they might develop in the future. Probably the two most powerful influences have been the pace and scale of change in the regulatory environment, and the continuing revolution being wrought by information technology, data and the digital economy.
WITH so many self-confessed “fast followers,” insurers should be striving to learn not only from new entrants and early adopters, but also from those outside of the insurance sector.
Doing more of the same, only faster, is not a recipe for long- term growth. Forward-thinking insurance players recognize the need to innovate not only product and service development, but also how they approach innovation itself. Insurers and intermediaries need to be willing to try new models and partner with new stakeholders to compete aggressively in a competitive marketplace.
Most insurance players recognize that employees represent their greatest potential source of new ideas. Many have tried to transform their culture to encourage greater innovation. But our experience and our interviews suggest that culture remains a key sticking point for the insurance industry to overcome.
While most insurers know that they need to innovate, the vast majority face complex innovation dilemmas related to capability, capacity and cost. While many say they have already taken steps to drive greater innovation, our experience suggests that few are sufficiently bold.
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