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More than 25 percent of Canadian financial services providers are not fully prepared for upcoming regulatory changes — including tightening of existing regulations such as Dodd-Frank, Basel III, ORSA, and FATCA — and 26 percent said the human resources function of their organization stood to face significant impact from these new demands, according to a recent survey conducted by Randstad Canada in conjunction with Ipsos Reid.
“Regulatory reforms will almost assuredly result in new jobs across organizations, especially risk management roles that will be in high demand. Financial service providers will need to ensure that their current and future staff has the skill sets and the capabilities to ensure compliance with the revised regulations,” said Jean-Francois Vézina, vice president, Randstad Professionals. “Those that take a forward-looking approach to attracting and retaining this talent at an early juncture will see the benefits of anticipating these changes and be well positioned to achieve a positive impact on their business results.”
Opinions vary on how the new measures will impact business results. Thirty percent of those familiar with the upcoming changes felt that new measures being put in place will have a positive impact on the business results of their organization; 21 percent felt they will have no impact; 22 percent responded that they were unsure of how these new measures will impact their business results; and 27 percent felt that new regulations will negatively impact on their business results.
The study polled 300 professionals in Canada’s financial services sector working in operations, management, risk management, governance and regulatory affairs.