We always have an optimistic attitude towards the time gone by, especially dates which would not roll back, and months and years that will become part of memory, but walking off 2009 will not be that easy for the financial industry. The time gone by will remain forever etched in the pages of history. This was the year when news daily unfolded the name of one or another company as being in the bankruptcy list. 2009 will also be remembered as the historic moment of Obama’s presidency, but in the same breadth it is also the year of Dubai World debacle and the year when many more illustrious names hurtled down. Globally, the year will stand for some banking payment processes getting dressed with new technology, but this year would be remembered undoubtedly for the never-thought of names that went bankrupt and initiated economy hurricanes.
Days unfolded with screaming headlines underscoring few popular names and strange figures which were totally unexpected to have bad times. None of the sectors were left untouched with bankruptcy figures ranging from retail to banking, insurance to automobiles. It is difficult to say if any of the financial soothsayers, though often contemplating the sudden and more than enormous bloating of the market bubble, had ever imagined the tumbling of USA equity markets. Although there were people in the western world who were breathing slightly liberated from the west. But in-depth study of the globe hardly revealed the name of any country that was untouched by the chaos and where in the figures gave total relief. Even countries like UAE promising good economy ended with bad figures and nightmares like DUBAI World.
Governments offered it all: well-thought of and heatedly deliberated stimulus packages, pro-active taxation interventions coupled with delay in payments, but none acted as an antibiotic for the financial markets. Year is about to end, but it keeps reminding us of the aftershocks of the economic downturn in 2010. Many government plans for 2010 are seen nowhere fulfilling, changes in GDP numbers, hiking inflation in one part of globe and another with deflation. Both the superpowers of the globe are stumbling with odd figures which were nowhere forecasted in any report five years before.
On the flip side, 2009 was not that bad a year for countries like China and India where good banking conditions acted as the necessary roadblock and comparably few numbers joined the list of bankruptcy. These countries had space to show strength of their fundamentals, along with political stability. Changing global atmosphere of investment brought few more headlines featured for stock markets which were not popular in the Wall Street Journal.
In general, life for the common man was more difficult to live and the year 2009 brought changes in pocket money but that too only the bad ones. Reducing incomes, many losing their means of livelihood, many stuck with mounting loan payments, to name a few continued after passing of quarters. Even no government or economic policy seems to withstand against the inflation figures. Hopefully end of 2009 will bring some relief, but figures revealed in 2010 regarding the year-of-year comparing 2009 to 2008 would be again hit sentiments in January.
Year 2009 – Bookmark of Bankruptcies??
Are “good times” for credit cards` providers over? Do they need to find a new way to thrive?
Pay czar`s restriction- is it really going to result in talent poaching?
FSOkx Announces a Premier Event Focused on the Asset Management Industry
MANALAPAN, New Jersey – November 12, 2009 — FSO Knowledge Xchange (FSOkx) presents the 5th Annual Asset Management Industry Forum on December 8, 2009 at the Princeton Club of New York from 8:00am to 5:30pm. The event will focus on opportunities and challenges in business processes, operations, technology, compliance, risk management and outsourcing in the asset management industry.
The forum will cover some of the most crucial challenges being faced by the asset management industry in the current times. Insightful discussions will take place on growth strategies, operational and technology challenges, alternate operating models for cost containment and increasing customer satisfaction. The forum also covers the challenges of risk management and the demands of regulatory requirements on business operations and how to manage these in the current environment. Financial services executives will have an opportunity to participate in a live survey to get the pulse of the industry on a real time basis. Delegates will also have an opportunity to leverage an extensive networking opportunity with their peers and thought leaders.
FSOkx is offering complimentary registration for representatives from the banking, insurance and capital markets industries. Sponsors for the event include: Citi, Northern Trust, BNY Mellon and SunGard.
“The aim of this event is to provide a premier setting for financial industry professionals to gain the latest knowledge and actionable insights into the asset management industry to survive in this challenging business climate”, stated Rekha Vatsa, Co-founder and CEO of FSOkx. The event includes panel discussions on various relevant topics, which are of primary concern to the asset management industry. There will be eminent panelists from leading financial organizations providing their expert opinions and perspectives on key factors that require immediate attention from the industry.
Some of the engaging sessions include the growth of alternative investments and strategies in the investment management industry and enterprise-wide data management. The extent of services to which asset managers are considering outsourcing options will also be the point of discussion.
In addition, some of other compelling Asset Management topics to be presented at the event include:
• Leveraging the global growth opportunities during economic downturn
• Middle office outsourcing trends in the investment management industry
• Best practices in risk management and compliance outsourcing
• Benefits of shared middle and back-office platforms used in investment management firms
• Next generation global investment products and solutions
For more details visit:
5th Annual Asset management Industry Forum
or contact our Media Group:
Jean Pometti
Media Relations
FSO Knowledge Xchange
(732)462-3763
jpometti@FSOkx.com
www.FSOkx.com
About FSOkx
FSO Knowledge Xchange is a unique media and research initiative focused on all aspects of financial services worldwide. FSO Knowledge Xchange’s portal www.FSOkx.com features the latest news and views, events, case studies and a directory of financial and outsourcing firms. Weekly e-newsletter and quarterly magazine provide authoritative, strategic, and actionable insight and decision support in the outsourcing domain. It is a must – read for all executives, senior management and implementers within financial services and outsourcing firms. FSO Knowledge Xchange (www.FSOkx.com) produces and promotes world-leading summits and conferences. These events focus on various topics in the financial services organizations for senior decision makers at exclusive locations around the world.
Posted in events
FSOkx announces the successful completion of the roundtable, New Economics of Business Operations within Banking and Capital Markets
In the new economic reality, opportunities abound within the banking and capital market sectors, but only for those willing to make changes. The recently completed roundtable- New Economics of Business Operations within Banking and Capital Markets, organized by FSOkx echoed this message loud and clear. Prominent speakers and panelists from renowned global institutions attended the day long roundtable.
The deliberations in the roundtable underscored that change is imperative to maximize returns. It was reiterated that firms are recalibrating their strategies, as well as business models, and are refocusing their investments.
David Wyss, chief economist at Standard & Poors, gave an enlightening presentation. He talked about various business models being used by the banking and capital market firms to address the challenges and the shift in expectations during these turbulent times.
Even the results of a recently conducted survey by Genpact and FSOkx, and presented by FSOkx members, focused on the business priorities for banking and capital markets. It further stressed on the use of performance metrics to improve business outcomes. Besides, it also focused on best practice approaches to measure performance.
The panel discussion, mulled on the survey findings, threw light on the obstacles and the remedial measures that help in making transformation a reality. The attendees from banking and capital markets sector benefited from this forum by sharing their perspectives, viewpoints and analysis on how to meet the challenges of the new economic environment.
The roundtable started with a welcome note and opening remarks presented by Genpact and FSOkx speakers. It concluded with the attendees senior executives and decision makers interacting in the relaxed ambience of the networking hour at cocktail.
Watch this space to get significant insights on the BPM domain in the banking and capital markets.
Posted in events, press releases | Tags: Business, conferences, event, events, financial, Financial Services, FSOkx, Outsourcing, roundtables
Information flow, knowledge exchange and other values and opportunities given by forum participation.
FSOkx releases FSOkx Magazine Q2 2009
FSOkx has released the second quarter, 2009 edition of the FSOkx Magazine. The magazine comprises stories and articles with thoughtful insights from industry experts and analysts. It also covers legal perspectives as well as outsourcing and M&A deal analytics for Q1 2009.
The cover story focuses on green IT and its gradual fall in business priority because of the economic conditions. Although in the near future, green IT and green outsourcing are very likely to be in the spotlight, these are currently on hold because of cost cutting measures adopted by firms across industries.
The magazine also offers some insights into other topics affecting the financial services industry. The topics touched in this section involve the emergence of Egypt as an outsourcing destination and of Russia and Ukraine as financial technology outsourcing destinations. Other major highlights in this edition are the expectations from outsourcing firms to achieve cost savings and the impact of Satyam scandal on financial services outsourcing.
This edition also encompasses a detailed analysis and trend forecasting for outsourcing as well as mergers and acquisition deals that were executed in the first quarter of 2009.
Launched in 2004, the FSOkx Magazine is a window to the financial services industry. It caters to the needs of CEOs, CIOs, and other senior executives in the finance industry. Every issue is replete with analysis, discussions, event coverage, and news that provide decision support for financial companies. For more information, please write to editor@FSOkx.com.
Posted in press releases | Tags: CEOs, CIOs, cost, discussions, event, Financial News, Financial Services, forecasting, FSOkx, IT, Magazine, Outsourcing, Technology
On-Demand Spend Management Solutions – Need of the hour
Unlike finance process, based on global standards, spend management solutions are more customized and extend horizontally across an organization. They comprise of less complex software solutions that can address particular business requirements. Market knowledge, extensive network, and support service integrates into a single On-Demand spend management solution to offer businesses a competitive advantage. It helps companies to get an accurate picture of their expenditure by analyzing spending patterns across company departments, divisions, and technology systems.
Moreover, an On-Demand spend management solution only requires a web browser for access, which saves the time required for a conventional software installation. It helps lower up front licensing fees as they are converted into subscription-based payments. Most importantly, leveraging On-Demand solutions allows companies to accept change and deliver results in the current grim economic scenario. This not only optimizes processes but also helps in managing risk better. At a time when sustainment is a key priority, effective On-Demand spend management solutions can help firms meet the need of the hour. read more…
Posted in news
Conformed Speakers: Annual Risk and Compliance Forum 2009 (October 29, 2009, NY, U.S.A.)
Conformed Speakers: Annual Risk and Compliance Forum 2009 (October 29, 2009, NY, U.S.A.) host by FSOkx.com
Bill Savage - AVP Enterprise Risk Management, The Hartford Financial Services Group –>Bill has been leading the development and implementation of ERM programs for the past nine years in the telecommunications, banking and insurance industries. Currently, Bill is responsible for the development of The Hartford Financial Service Group’s ERM methodology, risk policy process and risk management technology solution delivery strategy. Bill coordinates the efforts of 18 risk stewards, corporate compliance, line of business Chief Risk Officers and audit to ensure the effective implementation of risk management practices. In addition to being a speaker at industry conferences and leading educational institutions, Bill is the Chair of the RMA’s Operational Risk Management Discussion group. read more..
Peter Poulos - Executive Director, Morgan Stanley : Peter Poulos is an Executive Director at Morgan Stanley in the Operational Risk – Business Continuity Management group. Peter’s principal responsibilities include managing activities to ensure Morgan Stanley’s compliance with US federal bank regulatory requirements for business continuity and disaster recovery as well as enhancing and managing the firm’s business resiliency risk assessment program for critical third parties/vendors. Peter has provided strategic direction for enterprise-wide business requirements of the firm’s data centers with goals to help IT improve its current resiliency risk mitigation efforts and improve business alignment of future IT architecture and service delivery solutions based on optimized risk, cost and operational factors. In addition, Peter has re-engineered and enhanced Morgan Stanley’s methodologies for mapping business processes and applications, business impact analysis and business and IT continuity planning by expanding risk scenario assumptions and shifting the analysis and risk mitigation approaches from a “vertical” or departmental bias towards a “horizontal” or end-to-end business process orientation. In his current role, Peter has multiple reporting lines into the firm’s Global Heads of Operational Risk Management, Business Continuity Management and Data Center Strategy, Design and Operations. read more..
Ram Subramanian - Principal Architect, Risk & Compliance, Bank of America : read more….
Ms. Johnson’s career in financial services has been split between front office P&L positions and working in Operational Risk Management. She was chosen to lead the industry’s first formal effort into Operational Risk and has remained active in the field contributing in conferences and articles on the topic. read more..
Posted in events | Tags: bank, Bank of America, Compliance, conferences, Director, Financial Services, Global Markets, IT, IT architecture, Morgan Stanley, Risk Management
Does the improved scenario in the Asian outsourcing market in the second quarter of 2009 indicate recovery of the Asian companies from recession?
According to a recent study conducted by Everest Research Institute, India has attracted a majority of global outsourcing business among all Asian countries. In the second quarter of 2009, 27 new captive centers were set up in Asia, amongst which nine were in India.
On the whole, a large number of offshore centers were set up in Asia in the second quarter of 2009. A high growth was seen in transaction signings and captive setups during this period. The market activities increased from 140 in first quarter of 2009 to 161 in second quarter of 2009, with a combined value of USD nine billion. Although IT outsourcing transactions perked up, a marginal decline was seen in the BPO sector. A 25 percent increase was observed in the number of transactions in the Banking, Financial services and Insurance (BFSI) vertical as compared to the first quarter.
Source Link: http://www.fsokx.com/NewsAndViews/NewsChannels/ShowNews.aspx?Header=News%20By%20Date&BrowseByField=BrowseByDate&HeaderText=Browse%20By%20Date&FieldName=NewsDate&FieldValue=&NewsId=11565
Posted in news | Tags: Banking, Business, Financial News, Financial Services, fso, FSOkx, Insurance, IT, market, Outsourcing, USD
