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By Vincent Villers, Governance, Risk Controls partner, Cyber Security Leader, PwC Luxembourg and Sami El Euch, Governance, Risk Controls senior manager, PwC Luxembourg
Almost six years after the onset of the global financial crisis, its aftermath continues to be felt today. A wave of international, supranational and local regulations (e.g. Basel III, EU No 1024/2013, EMIR, MiFID2, Dodd Frank, CSSF 12/552) has hit the financial world, with more being in the making. The aim of the current regulatory zeal is to strengthen governance and risk management practices, but also to increase information transparency between the different players (e.g. financial institutions, clients, supervisors).
Notwithstanding their necessity, these changes pose...
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