1、Regulatory Risk Management Risk RadarFinancial Institutions|April 20242Regulatory Risk Management Risk Radar|Financial InstitutionsOverview of trends and recent developmentsRegulatory Risk ManagementCyber risk is one of the top issues for financial institutions.The sector is one of the most heavily
2、targeted for cyber-attacks with this risk bound up with the need for third-and fourth-party due diligence.Operational risk and the need for increased resilience have become top priorities for financial institutions in recent years.This is due to increasing levels of digitalization,regulatory scrutin
3、y,and stronger focus on ESG.Moreover,regulators have been markedly less tolerant of both financial and conduct risk and the impact that they can have on financial markets and participants generally and,in the retail sphere,over the potential for consumer detriment.The digitization and environment,so
4、cial and governance(ESG)megatrends are shaping the future regulatory environment in which financial institutions operate the former by increasing regulators expectations around the need for resilient systems and controls in the face of new operational and technological risk;the latter around a whole
5、 series of new obligations concerning reporting and disclosure.In both cases,institutions are exposed to significant enforcement and litigation risk.Following challenging periods in the economic cycle enforcement and compliance activity often increases.Stressed market conditions and recent laxer con
6、trols around remote working has likely facilitated a variety of forms of misconduct.This means its more important than ever to maintain a focus on a businesss control environment to mitigate the risks.Third-party service providers such as cloud services are fast becoming part of the financial infras
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