One year later: outstanding priorities and forthcoming challenges

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Since the introduction of the Single Supervisory Mechanism (SSM) the European Central Bank has already made significant progress in developing and embedding its supervisory approach

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11/11/2015 |
  • SSM white paper

Banks should carefully consider the implications of these developments and adopt a holistic view in order to be successful. The changing shape of the banking sector will play back to the Banking Union itself, forcing it to re-think approaches, priorities and focus

Laurent Berliner, Partner and Governance, Risk & Compliance Leader at Deloitte Luxembourg

As banks continue to tackle near-term challenges, many are asking what the SSM will look like in the future, and what the implications will be for their business models, and for the banking industry more broadly.

Although predictions are uncertain, it is safe to highlight two main points that will inevitably shape what the SSM will look like in the years to come.

Firstly, “it is highly likely that the Banking Union will be characterized by more supervision yet also greater consistency which will lead to higher expectation in terms of individual banks’ regulatory management”, comments Martin Flaunet, Partner and Banking Leader at Deloitte Luxembourg, “at the same time it is also important to look at the wider context in which the SSM operates”.

To contextualize the changes within financial services and how these will impact the SSM, requires a closer investigation of the broader regulatory environment for banks; competition and innovation; and the macroeconomic (and social and political environment). “Banks should carefully consider the implications of these developments and adopt a holistic view in order to be successful. The changing shape of the banking sector will play back to the Banking Union itself, forcing it to re-think approaches, priorities and focus”, explains Laurent Berliner, Partner and Governance, Risk & Compliance Leader at Deloitte Luxembourg.

Deloitte has released the white paper on “The future of the SSM and banking in the Eurozone”, investigating in detail what still needs to be done to realize the vision that the ECB set out at the start of the journey? How will the development of the other elements of the Banking Union affect the SSM? What will be the effect of the disruptive forces—the changing regulatory environment, rapid technological advances and shifting consumer preferences—on supervision?

Please find the white paper here: http://www2.deloitte.com/lu/future-ssm-banking-eurozone

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