The future of Non-Financial Risk in financial services

Building an effective Non-Financial Risk management program

In the years since the global financial crisis, financial institutions have made substantial investments to upgrade their risk management programs and comply with ever more stringent regulatory requirements. While most institutions now have well-developed risk management frameworks to manage market, credit, and liquidity risk, there is a growing recognition of the need to enhance management of Non-Financial Risk (NFR). Many of the largest risk events in recent years have stemmed from NFRs such as conduct and cyber risk, rather than from traditional financial risks.

The growing importance of NFR management comes at a time of particular uncertainty and volatility in the business environment due to uneven economic growth, increased political and regulatory uncertainty, and varied revenue opportunities and returns on equity for many firms. Given these turbulent developments, institutions need to rethink their approach to risk management in general in order to reduce expenses, while simultaneously improving effectiveness.

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