TORONTO, May 23, 2013 /CNW Telbec/ - More than 25 per cent of Canadian
financial services providers are either "not very" or "not at all"
prepared for upcoming regulatory changes, according to a recent survey conducted by Randstad Canada in
conjunction with Ipsos Reid.
The study polled 300 professionals in Canada's financial services sector
working in Operations, Management, Risk Management, Governance, and
Regulatory Affairs. The findings highlight that while the majority of
those polled felt that their organizations are reasonably prepared to
implement these reforms, there remains a significant number of
professionals working in the financial services industry who feel their
organizations are not yet well prepared for upcoming changes to
regulation. Furthermore, one-in-four (23 per cent) were unsure of the
ability of their leadership teams at driving or effectively
communicating strategies and programs to ensure compliance with tighter
regulatory parameters throughout the organization.
"Changes are coming, and in some cases quickly'', says Jean-Francois
Vézina, Vice-President, Randstad Professionals. "The tightening of
existing regulations such as Dodd-Frank, Basel III, ORSA, and FATCA
will have profound effects on the financial services sector.
Organizations will need to adapt to evolving demands under new, and in
some cases more intense, regulatory scrutiny, and communicate
effectively at all levels to sucessfully implement the necessary
Throughout the financial services sector, opinions vary on how these new
measures will impact business results. Of the respondents polled, 30
per cent 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, while one-in-five (21 per cent) felt
they will have no impact. A further 22 per cent responded that they
were unsure of how these new measures will impact their business
More than one-quarter (27 per cent) felt that new regulations planned to
be put in place will actually have a negative impact on their business
results, showing concerns that, upon implementation, new measures will
impede their ability to operate in the same capacity - and achieve the
same success as at present.
As for the impact on HR and talent management, of those polled, only
one-in-four respondents (26 per cent) felt that the human resources
function of their organization stood to face significant impact from
these new demands.
"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 skillsets and the capabilities to
ensure compliance with the revised regulations," says Jean-Francois
"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," adds Vezina.
About Randstad Canada: Randstad Canada is the Canadian leader for staffing, recruitment and HR
Services. As the only fully integrated staffing company in the country,
we understand the recruitment needs and demands of employers and job
seekers across all levels and industries. Through our insightful
knowledge of local markets, employment trends and global network of
recruitment experts, we are shaping the Canadian world of work. Visit randstad.ca
SOURCE: Randstad Canada
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