Financial services in Deloitte in Scotland
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Seldom has so much happened in the space of 12 months. In the last year, we’ve witnessed a great deal of change, not only in terms of technology, politics and economics; but in many other walks of life too.
For Deloitte, it has also been a truly transformational period. Our firm has grown at its fastest pace for a decade, increasing turnover by 13.6% and breaching £3 billion across the UK Group for the first time.
In this instalment of “a day in the life of…” we speak to Kent Mackenzie, a Director in Deloitte’s Risk Advisory practice. There may not be such a thing as a “typical” day in his life with the Firm, but most mornings start with some time with the kids and a good cup of tea...
On a cold winter’s morning in December last year, Bela from The Infinite Kind and I sat down and started to plan the next FinTech Hackathon in Edinburgh.
I suggested we host in the Deloitte office…now for those of you that have been here you will know that it is a beautiful, gleaming, space that we spend time with our clients in…all very civilised…and in my mind perfect to invite and help 50+ ‘hackers’ to run riot and create new applications for the changing world of Finance!
It’s an unsettling time for banks. Their public standing has not yet fully recovered from the financial crisis and they remain under intense regulatory scrutiny in a number of areas including capital levels, liquidity, structure, governance and conduct.
And now, our latest Talent in Banking survey shows the rivalry for the best talent is heating up, with innovative tech giants and a growing financial technology (‘fintech’) industry providing stiff competition.
Three regulatory trends stood out in 2015. Firstly, the political mood changed: the European Union (EU) shifted its agenda towards jobs and growth and the “tone from the top” of the UK’s regulatory authorities shifted considerably.
Progress was also slow in completing the extensive reforms proposed in the wake of 2008’s financial crisis. Lastly, there has also been more emphasis on taking a system-wide approach, questioning the cumulative impact of all of these reforms.
That’s a lot of change for one year, and there’s evidence we’re going to see more in the next 12 months.
The festive period is a time of reflection. And looking back over the last 12 months, I can safely say 2015 was a big year for Deloitte and for me.
This will be my first Christmas as Senior Partner for Deloitte in Scotland and Northern Ireland; a role I’m honoured to hold. I’ve inherited a fantastic team, which has helped make the transition that bit easier, and I’ve been inspired by the brilliant clients the firm gets to work with every day.
Scotland has long been recognised as a country that punches above its weight when it comes to the number of innovators and pioneers that have blessed our shores. The development of new products, solutions and services forms an integral part of our national identity and is actively encouraged and supported.
Most people don’t want to think about how they are going to fund their retirement. It can be a scary proposition: you need a lot of money to retire these days.
Internal auditors play a crucial role in any bank – in fact, it’s fundamentally important to assess that the risk and control infrastructure functions properly. In an industry which has been through so much change and is evolving faster than ever through technological developments, it’s also a position that requires increasing flexibility and adaptability.
The rise of digital has been unstoppable in every sector. It’s seen fundamental change take place across many industries, with traditional paths to the consumer disrupted by new technology.
For some this has created huge opportunities. For others it’s meant challenges; even the risk of becoming obsolete. But for most it’s been a mixture of the two through changing consumer expectations, new market entrants and increasing competition.