The financial services sector has to deal with extensive rules and regulations that are constantly changing, as well as regulatory oversight by the state, the influence of shareholders and the interests of clients. The credit crunch and issues such as insurance policies with excessive charges have led to a further increase in calls for stricter requirements. This has created a volatile environment with varying risk balance sheets. In this climate, what financial institutions want more than anything is to be reliable and stable.
The success of your business is dependent on the trust of your clients. To gain this trust it is important that processes are controlled and risks are managed. In addition, your organisation needs to adapt itself constantly in order to comply with increasing requirements. Even if you already outsource support services, you remain ultimately responsible for them and regulators will assess your performance in this area. The specialists at BDO are familiar with the relevant rules and regulations, and know how they affect your organisation.
Financial Services Sector Group provides support and advice tailored to your needs
The Financial Services Sector Group provides advice and support to insurers, banks, investment funds, asset managers, mutual benefit associations, pension funds and property funds. Our services cover all aspects of your organisation, ranging from compliance and risk management services to administrative services and IT certification. Examples include the following:
- Solvency II - Pillar 2: outsourcing and co-sourcing of the mandatory internal audit function;
- Management issues: Central focus on client interests, product development process and restrained remuneration policy;
- Corporate governance (Dutch Banking Code, Dutch Corporate Governance Code): implementation and testing;
- Risk management: structure and optimisation (based on COSO, ISO 31000, Solvency II and Basel III, etc.);
- Compliance services: implementation, study and interpretations;
- Audit and assurance: audit opinions on prospectuses, financial statements and special-purpose audits;
- Financial reporting: advice on financial reporting structure (IFRS, etc.) and compilation of financial statements;
- Tax services: most tax-efficient structure, refund of dividend withholding tax;
- Internal control certification: ISAE 3402 and SAS 70 reports;
- Outsourcing of administrative services: taking care of full sets of financial records in the Netherlands and elsewhere.
To find out more, without obligation, about our services to the financial sector, please contact the Financial Services Sector Group.