The list of regulations increases in size and complexity each year. CFOs are facing this challenge using their expertise, that of external consultants, and finally, considering the challenge from a talent acquisition perspective. Are these regulations a mere hurdle to be surmounted or a real opportunity to streamline operations?
The four major banks, who will be required to report the credit history of 50% of customers by the end of September, will not include customers who have reached agreement on hardship arrangements with their bank. This will continue for the first 12 months of the regime while the Attorney-General is conducting a review into this issue.
The accounting industry is frequently held up as one of the industries most likely to be negatively impacted by AI and automation. For example, a recent McKinsey study suggested that as many as 800 million jobs could be lost worldwide to automation by 2030, with accounting poised to take one of the biggest hits.