THE RISK ADVISORY PARTNERSHIP
THE RISK ADVISORY PARTNERSHIP
Insights and News
WEF reports on Global Risk of Technology
Throughout 2020 the WEF brought together over 100 technical experts to collaborate and discuss global risk of technology to Financial Services.
https://www3.weforum.org/docs/WEF_Technology_Innovation_and_Systemic_Risk_2021.pdf .
In summary the report identified several key risk themes including
1) consolidation of key vendors offering critical capabilities placing risk on resilience and supply chains.
2) a deficiency in design and transparency of algorithmic models
3) lack of transparency in AI and machine led models
4) displacement of deposits as technologies such as blockchain and crypto have the potential to displace traditional funds as consumers go to fintech and challengers
5) Cyber security and data privacy also focused heavily in terms of identify fraud and inconsistent controls whilst
6) risk to resilience of supply chains in regions where technology hubs remain at threat of natural disaster
7) lastly take up of Crypto has led governments to respond to threat of money laundering and potential harm of consumer loss through increasing regulation and creation of centralised bitcoin, potentially driven by displacement of funds were technology is borderless leading to increased need for global policies to minimise systemic risk to existing financial systems
ESG - ITS TIME TO CLEAN UP YOUR ACT
With COP 26 truly out the way and the FCA consultation closed, firms should be firmly focused on building tools, frameworks and technology to work towards the FCA Regulatory sustainability reporting requirements. The regulator is looking at firms to be a driving force in achieving NetZero by 2050 . To ensure accountability and transparency for consumers decision regulatory policy and transparency remains at the forefront of firms Products and Services.
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We can help with assessing your
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Reporting requirements
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Regulatory Expectations
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Design of Policy, Products and Services from key facts to disclosure
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ESG Maturity and Benchmarking
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ESG risk appetite and strategies
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Supply chain strategy and management
Read the FCA 2021 release here:
OPERATIONAL RESILIENCE AT TIMES OF CRISES
As remote working through the Pandemic has shown, organisations and people need to be flexible and dynamic to ensure resilience. Being prepared at times of crises can ensure operational resilience remains stable? Contact us to see how we can help build your Operational Resilience Framework and meet regulatory expectations:
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Identifying Important Business Services
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Operational Resilience Impact Tolerance
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Impact Assessment
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Cyber Security Maturity Assessment
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Supplier Assurance Frameworks
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Scenario Planning and Testing
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IT Service and maintenance strategy
RISK MANAGEMENT BY DESIGN
Strong risk management practices are the difference between critical failure and healthy profits and adding value. Strong risk management framework is the key to averting disaster and crises that can eat profit and budget. Through a well oiled, coordinated and embedded risk management framework, an organisation can ensure they are prepared for emerging risk and minimising unnecessary spend. We can help build enterprise risk frameworks and capabilities that help your firm succeed.
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Senior Management Regime and Certification
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Governance and Risk model
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Risk Management Framework
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Governance and Conduct Risk
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Conduct Risk and Culture
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Risk Control Frameworks
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Maturity Assessment
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RegTech design and implementation
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Conduct and Culture Risk Assessment
