Industry news

This is a regular publication from KPMG's EMA Financial Services Regulatory Insight Centre, providing key updates on the latest ESG regulatory developments impacting financial services firms in the UK and the EU.

2024 is a year of elections, and both the EU and UK saw a pause in major regulatory announcements as a result in the run-up to the summer break.  In the UK, the new Labour government has committed to making the UK `the green finance capital of the world' via key initiatives on credible transition plans and aligning UK sustainability disclosure requirements with the ISSB and TPT frameworks. In the EU, policymakers will be challenged to enact a more competitiveness-focused agenda without downplaying climate aspirations.

Read the full article on KPMG here.

Paula Kennedy Garcia Appointed to Lead the Organisation into Its Next Era of Growth and Innovation.

Dublin, 21st August, 2024 – Forward Emphasis International (FEI), a leading provider of BPO and complex CX services in the Banking, Financial Services, and Insurance (BFSI) sector, is pleased to announce the appointment of Paula Kennedy Garcia, a seasoned award winning BPO leader and industry-recognised innovator, as its new Chief Executive Officer.

This strategic leadership appointment marks a significant milestone in FEI’s 25-year history of supporting market leaders in complex, regulated industries with a highly skilled, Central Bank of Ireland-accredited workforce from rural and remote areas in Ireland.

As FEI embarks on a new era of growth, the company, authorised by both the FCA and Central Bank of Ireland, is well-positioned to embrace the evolving landscape of CX and AI technologies. FEI remains deeply committed to fostering talent and innovation in rural communities, offering organisations a unique solution that combines advanced skill sets with attractive commercial models to sustain nearshore delivery.

Fiona Burns, CEO and Co-Founder of FEI, and now Executive Chair comments; “This is a dynamic leadership change and will mean our organisation and clients can further empower communities as we continue to expand our global impact. Paula brings outstanding leadership experience and a dedication to excellence. It is the perfect time for her to join us as we advance our strategy for innovation, growth, and development.”

Commenting on her new role, Paula said; “I am incredibly excited to lead FEI through this next era of growth. I will be looking to invest in innovative technology development and pioneer partnerships that will help clients navigate new horizons enabled by artificial intelligence (AI). Along with our highly qualified workforce, positioned to support brands across multiple verticals, our aim is to better support clients with long-term innovative CXM strategies as they integrate AI automation.”

Established in 1998, FEI has sites in Malin Head, Buncrana and Belfast and, as the first of their new growth plans has recently announced 40 new flexible working roles.

Digital transformation is the rewiring of an organization, with the goal of creating value by continuously deploying tech at scale

That’s because technology, which is constantly evolving, is becoming further integrated in business. For example, given the growing importance of AI in generating business insights and enabling decision-making logic, any digital transformation should also be an AI transformation.

An estimated 90 percent of all organizations are currently undergoing some kind of digital transformation, according to McKinsey research.

Read the full article on McKinsey & Company here.

Within its renewable energy practice, DLA Piper has appointed Maddison Hardiman as a senior associate based in Melbourne.

This comes after a recent round of promotions within the DLA Piper renewable energy team, including the elevation of special counsel Simone Bajraszewski and senior associate Lisa Huynh, which corporate energy partner Chris Mitchell said would help the firm reach its strategic goals in this area.

“We’re currently advising on more renewable energy deals than any other law firm globally and continue to play a leading role assisting our clients to execute on their energy transition objectives across Australia and the broader APAC region,” he said.

Read the full article on Lawyers Weekly here.

Sparking a new surge of growth through innovation can benefit an entire industry, but those who light the spark tend to gain the biggest rewards.

Our past analyses have shown that roughly 80 percent of a typical company’s growth comes from its core business. This is often interpreted to mean that if a business happens to be in a high-momentum industry, simply riding that wave will yield significant growth.

Read the full article on McKinsey & Company here.

Tech giants have released a report on the transformative impact of generative AI on the information and communication technology (ICT) sector and how upskilling and reskilling are needed to remain competitive.

“The Transformational Opportunity of AI on ICT Jobs” report was released by the AI-Enabled ICT Workforce Consortium, comprising major tech companies like Google, IBM, Microsoft, SAP, Intel, Cisco, Accenture, Indeed, and Eightfold AI.

Analysing 47 ICT job roles across seven job families, it found that AI will impact 96% of entry-level and 84% of mid-level positions.

Read the full article on Outsource Accelerator here.

The data doesn’t lie: companies that are committed to diversity and inclusion outperform those that aren't. But the benefits of having a diverse workforce extend beyond the financial. There’s a strong correlation between diversity in influential company leadership roles and multiple indicators of holistic impact across workforce, community, and environmental components.

And diverse teams, with their unique experiences, perspectives, and knowledge, tend to bring more innovative ideas to the table compared with teams that are more homogenous.

Read the full article on McKinsey & Company here.

As India anticipates a century of independence in 2047, it is committing to sustainable and inclusive growth in its goal of becoming a developed economy. To understand how Indian enterprises can achieve the growth necessary to help propel the nation towards its centennial aspirations, McKinsey analyzed publicly traded companies over a 10-year period. The results of the research were clear and impressive. While most companies performed in line with national economic growth, one in five companies achieved a rate that was more than two and half times the GDP growth rate during the same period.

Read the full article on McKinsey & Company here.

The UK government has announced a comprehensive review of the IT and engineering sectors to address persistent labour shortages.

Home secretary Yvette Cooper has commissioned the Migration Advisory Committee (MAC) to investigate these sectors' reliance on international workers, amid concerns over high levels of immigration and years of failed promises by both Conservatives and Labour to control migration numbers.

In a letter sent on Wednesday, Cooper called on the MAC to identify specific roles within the tech and engineering sectors that are experiencing shortages.

She asked the committee to assess whether pay, training and working conditions in the UK are contributing to these gaps, and to explore how companies have adapted beyond hiring from abroad.

Read the full article on Computing here.

Procurement is vital to the success of any business. Within this, strategic sourcing is a critical component for finding cost-saving opportunities and enhancing efficiency by optimising the supplier base.

The platforms listed in our top 10 are tools that can help businesses leverage their purchasing power to achieve the best-possible value when it comes to cost, quality and delivery.

This involves a comprehensive analysis of an organisation’s spending patterns, supplier market conditions and procurement needs to develop and implement long-term strategies for acquiring goods and services.

Read the full article on Procurement Magazine here.