ISITC Europe calls for closer collaboration between industry bodies in financial services

London - 24 April 2012

Leading professionals want a more joined-up approach to furthering the interests of the financial services sector and shed some light on key areas of focus for 2012

ISITC Europe, the industry group dedicated to improving the operational efficiency of the global financial industry, is looking to promote closer collaboration with other key associations and trade bodies across Europe, North America and worldwide. With risk and cost reduction topping the agenda for many financial services organisations, leading professionals believe that the industry must work together more effectively to face the challenges head-on.

Seeking to take stock of ISITC Europe’s relevance and standing in the market, including the role it performs and where it should focus its efforts, ISITC Europe commissioned specialist financial services consultancy CityIQ to perform a survey of members and non-members. The survey also quizzed them on what they see as their organisation’s priorities in 2012.

“It was clear that professionals in the financial services industry want to see a closer link between us and our North American colleagues, as well as other industry bodies worldwide,” said Graeme Austin, chief executive of ISITC Europe. “They would also like to see us focus on ensuring our working groups make even more of an impact on education and enhancing our online presence. The positive news is that these are initiatives we have underway and the majority of respondents felt that our newly invigorated organisation had a strong brand and a good reputation.”

The survey found that organisations are making risk and cost production their highest priority this year, with growth being the least important concern. The potential impact of regulation was also high on the agenda, ranking just ahead of data management.

“Being in close contact with our members, the results are perhaps not that surprising. The issues highlighted as the industry’s majors concerns are the areas that we have been providing the most guidance on,” continued Austin. “It’s my firm belief that in this tough economic and ever-changing regulatory environment, ISITC Europe members will have benefited from our working group’s thinking and involvement of some of the industry’s most prominent thought leaders at our events and the peer-to-peer networking opportunities membership provides. I am similarly confident that ISITC Europe members will be better placed to take advantage of the recovery as it arrives.”

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