Technological Risks Top List of Global Concern for Senior Financial Executives
12 November 2015
NOVEMBER 12, 2015
More than 180 senior Canadian financial executives polled at Global Risk Institute Annual Conference
Cyber risk and technology risks tied as the greatest concerns for global financial institutions
TORONTO/LONDON – According to a poll of global financial services experts and Canadian risk executives conducted today at the Global Risk Institute’s Annual Conference, cyber risk and technology risks are the greatest concerns for the global financial services sector.
Executives were polled on questions that relate to the biggest emerging risks facing financial institutions. The poll revealed:
Nearly half of executives cited technology risks as the biggest emerging risk to global financial institutions.
Among these technology risks, 23% specified the biggest risk to global financial institutions as cyber-security and further 23% identified the biggest risk as disruption from emerging technologies.
Other global risks noted by participants were deflation (14%), asset bubbles (8%) and China slowdown (8%)
Richard Nesbitt, President and CEO of the Global Risk Institute, said: “No industry is immune from the impact of technological disruption, both from a strategic and security point of view. It’s critical that financial institutions globally understand the risk of disruption and make the most of the opportunities it presents.”
GRI’s Annual Conference focused on the theme of Risk in the Age of the Industrial Internet. Open by invitation only to senior executives at GRI’s member financial institutions, the conference featured keynote speeches from Nobel Prize winner Robert Engle and investigative journalist, Glenn Greenwald. The audience were also asked about the risk of overvaluation in the Canadian housing market, with 84% of respondents agreeing that there is a risk of overvaluation in the Canadian housing market.
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