Issue
The financial services industry is arguably one of the most highly regulated in the world and the ever changing regulatory landscape provides a key driver in the financial sector's strategies, processes and organization.

Following highly publicised failures in corporate governance and internal controls, shareholders and clients are demanding higher standards of accountability, behaviour and performance. The legislators are also making increased demands in this area, not least with the implementation of Sarbanes Oxley.

In order to improve corporate governance, reporting standards need to be improved as many reporting and governance systems remain sub-optimal. IFRS provides a new standard of external reporting but continued development mean that reporting standards will not stabilize for some time.

Impacts include

• The increasing burden of regulatory requirements across many geographies and financial services segments means that companies are increasingly taking an integrated approach rather than reacting to a specific regulation in isolation
• Companies must gain the confidence of the capital markets by explaining values, risks and the link between objectives and performance

How can KPMG Czech Republic help

• IFRS
• Sarbanes Oxley
• Corporate Governance
• Internal Audit co-sourcing