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The course departure in the need to address the significant
regulatory, technology, and market changes that the financial
sector has experienced and will in the future. With these changes,
many of the current business models are getting fundamentally
challenged. In addition, issues of money laundering, financial
frauds, and corruption are creating societal and business
challenges that needs to be addressed. From a managerial
perspective, the financial sector is moving from being stable,
conservative, closed, and local to being disrupted from new
entrants and internet giants with very different industry dynamics
and risk profile. Fintech, artificial intelligence, and
digitalization are game changers regardless if one is working at an
incumbent player in the financial sector or in a start-up financed
by a private equity fund.
These challenges are not only caused by digitalization and new
technologies, e.g. blockchain, artificial intelligence, machine
learning, but also by the fact that the entire competitive
landscape is changing with increasing global competition. In this
environment, employees in the financial sector will need to have
the right competencies in order to successfully manage the
strategic shifts. Employers are increasingly experiencing this
competency and knowledge gap and the need for deeper understanding
of risks and risks assessment, compliance and societal expectations
is becoming evident.
Fundamentally, it requires a complete rethinking of governance,
strategic risk, and compliance (GRC) issues, which have been
handled frequently in a reactive way to be an integrated and
pro-active part of all business processes.
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