Together with Risk.net, we asked financial services companies around the world about their views on the current trends in risk management and governance.
Financial Services companies face a tough, constantly evolving regulatory landscape. Adding to the challenges, the industry is also grappling with emerging risks such as cyber attacks, profitability erosion from record low global interest rates and threats to the traditional banking model from new market entrants. Risk, compliance and legal functions in Financial Services businesses are facing the brunt of these challenges and we wanted to find out what their biggest priorities were in terms of navigating the uncertainties of this complex risk landscape.
In December 2016 SAI Global, together with Risk.net, conducted a global poll of financial services companies. We asked senior managers and specialists to share their views, concerns and insights around the current trends in risk management and governance.
Some of the key findings from the survey include:
- 64.8% of responders cited increasing focus and audits from regulators as a primary driver of operational risk priorities.
- 45% believed increased interest from the board due to new and emerging technology risks were responsible for the biggest changes in operational risk management within their organisation over the past 12 months.
- 19.4% identified increased interest from the board resulting from high profile misconduct scandals and operational risk failures as the biggest change in managing risk within their organisation over the past 12 months.
- 32% identified cybersecurity threats as the biggest challenge for operational risk in their organisation for the next 12 months.
The survey suggests the majority of companies are looking to enhance their software and systems during 2017, thereby ensuring they take an intelligent approach to effective management of this increasingly diverse network of organisational risk.
To find out what our respondents had to say on the state of their industry, listen to our recorded webinar, read our whitepaper or, for a high-level summary, view our survey infographic.
Maximizing operational risk efficiency in current market conditions
Listen to the recording of our webinar featuring industry experts from Risk.net Legal and General, SAI Global, Morgan Stanley and RBC.
Read the full report on the survey findings in our free downloadable whitepaper created by SAI Global and Risk.net.