The financial services industry could be doing more to manage their exposure to the significant risks posed by a climate change phenomenon that is only worsening. Neglecting the micro and macro intricacies of climate change and failing to incorporate its associated risk into a risk agenda and/or framework can result in grave consequences that could otherwise have been avoided or mitigated industry will, at least initially, be disproportionally impacted by climate change owing to their relative size and portfolio compositions, failure to act accordingly and plan for the future can and will lead to adverse consequences.
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Develop Effective KPIs to Drive Business Strategy
Key Performance Indicators (KPIs) are measurable data points used to track performance against a specific set of goals. KPIs should be aligned with core business objectives and, if used correctly, can act as a valuable tool when demonstrating how effectively these objectives are being met. Developing KPIs can certainly be a challenging task but a firm understanding of the common pitfalls involved in their development can make this task easier.
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Operational Resilience across the Financial Services Industry – Regulatory Update
As we last reported in our - Building Operational Resilience across the Financial Services Industry in 2021 and Beyond, global regulatory bodies; The Bank of England, the Basel Committee on Banking Supervision (BCBS), and the Federal Reserve Board (FRB) have all issued significant guidance related to Operational Resiliency (OR) over the last several years. The COVID-19 pandemic has only accelerated the focus of regulators who have redefined their expectations for financial institutions’ resiliency frameworks and readiness.
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Financial Services Industry Leading Blockchain Adoption
You may have heard of bitcoin and even own some form of digital cryptocurrency or bitcoin Exchange-traded Fund (ETF) launched recently. Cryptocurrency is shaking up the financial world by making it possible for parties to exchange money without the need for intermediaries like banks and exchanges. However, you may not be as familiar with blockchain, the technology that underlies cryptocurrencies and is increasingly being used in ways that range from trading, lending, payment, contract management, and inventory management in the supply chain.
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Breaking Down Complexity to Initiate a Project
Organizations routinely launch ambitious change projects that are inevitably riddled with complexity. A digital transformation of the front-to-back customer experience, the introduction of a complex testing program impacting multiple systems, or a new regulation that requires legal entity restructuring, to name a few. Such immense projects can seem overwhelming given the various intricacies involved and the seemingly endless roadblocks.
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The Future of Loan Operations at Global Financial Institutions
Over the last 25 years, the wholesale lending market has seen a tremendous uptick in change, innovation, and growth within the global financial services sector. Once a straightforward business model of borrowing and lending (i.e., ‘traditional lending’), is now multifaceted. In today’s market, trillions of dollars in loans are underwritten, traded, and used for hedging purposes globally every year.
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