Following the event of the 2008 Mortgage Crisis, Compliance Risk has become one of the significant concerns for Financial Institution Executives. We witnessed a dramatic rise in Regulatory Fees since 2009, with regards to banks' earnings and credit losses. Further expanding their scope of regulatory focus, US Regulators took the opportunity to learn from the crisis by issuing tight scrutiny across other areas as well (eg. Mortgage fulfillment, deposits, etc.) New themes continue to unfold such as Next-Generation Bank Secrecy Act, Anti-Money Laundering (BSA/AML) risk, Conduct Risk, Proprietary Information Theft, Insider Threats, Risk Culture, Lack of Adherence to Security Policies and Third & Fourth-Party (I.e, subcontractors) Risk.
Over the course of last 12 months, the COVID-19 pandemic has pushed the global economy towards a great depression. Central banks have slashed rates off-cycle and injected liquidity in emergency measures to keep economies moving for now.
While it seems that the wheel is coming off, those who survive need to seek the opportunities that emerge amid the chaos. We need to change the way we are running our financial institutions; we need to adapt fast to this new normal. For financial risk management specialists, the burning question is how risk management needs to realign itself to the new realities of the post-COVID-19 world. What are the key themes that would enable the financial institutions to become robust and resilient in the post-COVID-19 era?
Group Futurista invites you for its Upcoming Webcast to discuss the latest trends in Risk and Compliance for Financial Institutions.