BDO for Financial Services
Multidisciplinary industry group

The financial services sector is continuously evolving, fueled by various developments and trends. These encompass technological advancements that reshape the industry, regulatory changes aimed at enhancing transparency and consumer protection, sustainable finance, and the growing significance of cybersecurity and data privacy. These factors collectively shape the financial services sector, driven by technology, evolving consumer expectations, and regulatory requirements.

A future-proof sector 

Being future-proof in such a complex and ever-changing environment requires financial institutions to remain vigilant, adaptable, and agile. Existing organisations may need to adapt their traditional service offerings and related business models. New risks and compliance issues arise daily, forcing regulators to strengthen their oversight. For instance, establishing a proper Financial Economic Crime (FEC) organisation is crucial to avoid investigations and hefty fines from regulators. Furthermore, with the introduction of new service offerings and the need to shorten time-to-market, financial institutions are increasingly shifting towards an ecosystem model for service delivery, as opposed to an end-to-end internal model. Consequently, there is a growing need to centralise and coordinate the management of outsourcing partners to mitigate associated risks.

Impact data & cyber 

The importance of data and cybersecurity has been on the rise in the financial sector. The vast amounts of data available to financial institutions, whether in digital or analog form, offer numerous opportunities for new service offerings. However, compliance with rules and regulations is a major concern (for instance: Digital Operational Resilience Act). Organisations that effectively leverage data (data driven insights) can attract new customers or enhance services for existing ones. Nonetheless, this opportunity also brings risks, particularly in terms of data quality and cybersecurity. To mitigate these risks, organisations must make informed decisions and set priorities. This entails identifying their most valuable data assets and addressing any vulnerabilities within their organisation. By doing so, appropriate actions can be taken when necessary.

Leading by example in sustainability 

Sustainability is another critical aspect impacting the financial industry. The pressure to prioritise sustainability is increasing from various stakeholders. Financial institutions are expected to lead the way in embracing ESG (Environmental, Social, and Governance) and Sustainable Finance, considering that they drive the majority of investments in green initiatives. Consequently, banks, insurers, pension funds, and others face important decisions that go beyond environmental factors alone. At BDO, we have a dedicated sustainability team, including in-house specialists specifically focused on the financial sector.

BDO recognises and understands the challenges faced by the financial sector. We speak your language and provide the right specialists and tools to help your organisation achieve its goals while avoiding high-risk situations and non-compliance. Our solutions address the crucial topics and significant challenges within the financial sector. From process digitalisation and data utilisation to corporate social responsibility, financial ecosystems' intricacies, and a continuous focus on financial and economic crime, our expertise covers a wide range of areas.

In this playbook, we will elaborate on the specific services we offer, introduce our lead partners and specialists, and provide insights into our operations. Our Financial Services Industry Group comprises over 170 experienced, knowledgeable, and dedicated experts. We hope you find this publication enjoyable and inspiring.

We wish you much reading pleasure, inspiration and success!

On behalf of the Industry Group BDO Financial Services,

Casper Hermans

Partner IT Risk Assurance, BDO Digital

Maurice Meijer
Partner Audit & Assurance