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2019 was the year of two consequential free-trade agreements involving Latin American and Caribbean countries: USMCA and EU-Mercosur. How much of a positive impact these South-North agreements will have on especially countries in Latin America and the Caribbean, which have been languishing after the commodity boom, is yet to be seen. But they are likely to be more effectual than the South-South agreements that are in place in the region.

Banks have traditionally been considered the “owners” of whatever data they manage to collect on their customers. But that entrenched viewpoint was challenged by Open Banking, an initiative of the UK’s Competition and Markets Authority. Under this model, the consumer owns his or her data. Now the concept is spreading not only to other parts of the world but to non-payment financial products and services via Open Finance.

It’s been an eventful last few months for Bolivia, especially since October, when then-President Evo Morales, the country’s leader for more than 13 years, was forced from his position on the back of a disputed election. One of the most economically successful of Latin America’s new crop of leftist leaders who emerged in the new millennium, Morales, a member of the Aymara indigenous group, presided over more than a decade of robust economic growth.

It’s not been an easy ride for the Chief Financial Officer (CFO) over the past couple of years – economic uncertainty, increased regulation and an ever-pressing need to cut costs and grow revenue has taken its toll. And with innovation continuing to buffet the workplace, upending business models and increasing customer demand, it’s no surprise that CFO turnover is on the up.

Money laundering is an unfortunate reality for banks with the potential to not only put them in hot water with regulators but destroy their reputations as sound, above-board financial institutions. Data and technology are essential to unmask those villainous customers who use their financial firms’ systems for illicit gain. What are the key areas that bank managers must consider when developing strategies to combat this insidious threat to their businesses?

In today’s cybercrime-infested environment, the frontline position of chief information security officer couldn’t be more crucial. But increasingly, CISOs find that not only do they receive criticism for events beyond their control, the control they do have to determine their firms’ information-security strategies is being threatened. The CISO must be re-empowered by regaining sole ownership of the levers needed to set the company’s security priorities and drive its cyber-defense agenda.

Cyber-hackers are using increasingly sophisticated and complex malicious software that can make early detection of fraudulent activity difficult. To protect themselves, financial institutions need not only technological excellence but also effective training mechanisms to promote vigilance among their workforce. While cybersecurity software is extremely useful, cyber-protection must begin at home, with knowledgeable staff who are equipped to recognise and thwart cyber-breaches. This can be accomplished only with constructive staff cyber-training.

On the surface, the United States is soaring economically when compared to some of its rivals. But turbulence lurks under the nation’s wings. To a large extent, the Federal Reserve is underwriting this growth through monetary and fiscal channels, leading to instability in money markets. What transpires in the world’s largest economy and reserve-currency holder is guaranteed to impact the welfare of economies elsewhere, so what can we expect next?

Increasingly, core banking services no longer occur within the brick-and-mortar walls of a community’s bank. Financial services have broken out into mobile and online banking, with fintechs and neobanks competing with incumbent banks on their own turf. Banks should adapt to digital advances, but building customer trust is the make-it-or-break-it ingredient. Innovation will constantly change, but the need for relational trust between bank and customer will always remain the same.

Technology is bringing an assortment of benefits to consumers and their banks but also a slew of new or heightened risks. In the UK, regulatory authorities are addressing the looming threats by rolling out proposals related to Operational Resilience (OpRes). UK financial firms will be expected to adhere to new rules during the second half of 2021 and need to start preparing as the journey to compliance will be arduous.