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Global risk management survey, 11th edition

Article Synopsis :

In recent years, financial institutions improved their risk management programmes in order to manage market, credit, and liquidity risk.

 The Digital Insurer reviews Deloitte’s Report on Global risk management survey, 11th edition

Non financial risk is on the agenda

Non-financial risk is now firmly on the radar for both regulators and institutions.

The key findings of the report cover:

  • Continued growing importance of cybersecurity risk
  • Increasing focus on non-financial risks
  • Top priority for addressing risk data and IT systems
  • The potential of digital risk management
  • The challenges of the three lines of defence risk governance model
  • Increasing reliance on stress testing
  • Stronger board oversight
  • Widespread adoption of the role of chief risk officer (CRO)
  • Continued increase in the adoption of enterprise risk management (ERM)

Cyber attacks are becoming ever more sophisticated and conduct risk is now being carefully scrutinised at many financial institutions.

Even third parties are under the microscope in case the institutions that employ them experience financial losses or reputational damage.

This Deloitte paper calls on financial institutions to re-engineer their risk management programmes and develop the skills required to manage these risks.

It is almost inevitable that institutions will have to improve their data in order to provide the accessible, high-quality, and timely data required for stress testing, operational risk management, and other applications.

These institutions should also be making wider use of digital technologies like RPA, machine learning, cognitive analytics, cloud computing, and natural language processing to increase efficiency and the effectiveness of risk management.

They have the benefit of reducing costs by automating manual tasks such as reviewing transactions or developing risk reports. New risks may also be identified by having the system scan for emerging threats.

This means risk management must become an integral part of the strategy so that risk appetite and risk utilisation are considered in the development of strategic plans and objectives.

Link to Full Article:: click here

Digital Insurer's Comments

Insurers are collectively behind the curve when it comes to implementing insurtech. However, financial institutions as a whole have a long, long way to go to live towards digital innovation.

Many individual institutions may be making great strides in innovation, there are many areas that their processes would benefit from technology.

This paper identifies a number of key risks that could make use of tech to do some of the heavy liftings.

It goes in to highlight specific concerns – and opportunities – for businesses in the banking, insurance and asset management sectors to make progress.

Link to Source:: click here


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