PwC's Short Reads - August 2024 Edition
1. A comprehensive guide to Interest Rate Risk in the Banking Book (IRRBB)
The Interest Rate Risk in the Banking Book (IRRBB) is a risk framework that helps banks identify, manage and mitigate risks associated with adverse changes in interest rates in the banking book. In this guide, we have summarised the regulatory reporting requirements for IRRBB as part of the new ITS on IRRBB, providing banks with a clear understanding of the procedure involved.
2. Fiscal consolidations - A group’s solution to streamlining tax obligations
In today’s ever-evolving tax environment, tax authorities in different jurisdictions are moving towards a more harmonised approach to regulating enterprises. This includes the fiscal consolidation mechanism introduced in Malta a few years ago, allowing certain corporate groups to be treated as single taxpayers. Fiscal consolidation provides a unified tax treatment under Maltese tax regulations and streamlines tax reporting obligations.?
3. ESG trend in the insurance sector
The rise in sea levels, increasingly frequent extreme weather events, and the loss of biodiversity are consequences of climate change that will have a lasting impact on the environment, society, and the economy. In this context, two socioeconomic meta-trends are particularly prominent.
4. Procurement Fraud - A new perspective on an ongoing issue
Procurement fraud, one of the oldest types of fraud, remains prevalent and poses a significant concern for businesses of all sizes and sectors worldwide. The PwC Global Economic Crime Survey 2024 reveals that procurement fraud is among the top three most disruptive economic crimes globally in the past 24 months, following cybercrime and corruption.
5. Countdown to DORA: A spotlight on Third Party Risk Management
The Digital Operational Resilience Act (DORA) represents a significant shift in how financial entities across the European Union must approach operational resilience. With the final deadline for compliance fast approaching in January 2025, the urgency for institutions to align their processes with the regulation is intensifying. DORA’s scope is broad, encompassing everything from ICT risk management and incident reporting to third-party risk management and digital operational resilience testing.
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6. From boosting posts to paid campaigns: Navigating social media advertising
Social media has transformed the way businesses connect with their customers, becoming one of the most influential and effective channels for engagement and growth in recent years.? It can be difficult to decide which social media advertising approach is ideal for your business given the abundance of possibilities available. Therefore, deciphering which marketing strategy is most suitable for their business needs is the best place to start.
7. Making the world of work more accessible
Last year for Global Accessibility Awareness Day (GAAD), I wrote an article discussing PwC’s global digital accessibility journey along with perspectives of what digital accessibility means for our people.
8. Tech Translated: API banking
PI banking, sometimes referred to as open banking, is the practice of banks and other financial institutions releasing their data and tendering services through secure application programming interfaces (APIs), when customers give consent.
9. Navigating the connection between CSRD and transfer pricing
For reporting periods beginning from 2024 onwards, compliance with the European Union’s?Corporate Sustainability Reporting Directive (CSRD)?is mandatory for many multinationals active in the EU. In meeting the CSRD’s extensive sustainability reporting requirements, these companies must also be ready to provide specific new disclosures related to tax.?