Seven years on from the financial crisis and recovering from the ensuing regulatory onslaught and a succession of conduct failings, Chief Risk Officers across the banking industry could perhaps be forgiven for wishing for quieter times ahead. An opportunity to consolidate and reflect on learnings?
Unfortunately such wishes will have to wait. Yet greater challenges lie ahead as new digital technologies and threats combine to dramatically and irrevocably reshape the risk profile of all finance firms.
Unlike traditional banking where human oversight helps to keep things in check, when things go wrong in a digital context they usually go wrong quickly and at scale. Instead of affecting a single customer issues can impact many or even all customers at once.
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