Canadian banks challenged by evolving operations and risks, says EY

Canadian banking insights report available now

TORONTO, Sept. 29, 2014 /CNW/ - As the Canadian banking environment continues to shift with the forces of regulatory change, evolving customer and investor demands and new technologies, banks need strategies in place to continue to grow. According to EY's Canadian banking insights report, banks need to adapt to stay ahead of the curve.

Evolving demands shaping the landscape identifies four topics reflective of the current economic and regulatory environment that Canadian banks should consider:

• The evolving role of the branch and implications on current staffing models
• Preventing and detecting fraud using forensic data analytics
• Changing expectations of audit committees related to their oversight of external auditors
• Developments in FATCA requirements for Canadian financial institutions

"As these trends continue to evolve, so will the impact they have on Canadian banks," says Andre de Haan, EY's Canadian financial services leader. "But, with the right knowledge and strategies, companies can seize the opportunity to take advantage of change and continue to grow."

EY's Canadian financial services team is available to offer more insight into issues outlined in the report. To reach a spokesperson, or for more information, please contact a member of our national PR team.

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

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SOURCE: ERNST & YOUNG

Erika Bennett, [email protected], 416 943 5497; Sarah Shields, [email protected], 604 648 3607; Julie Fournier, [email protected], 514 874 4308