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The Scope and Complexities of Risk Management in Financial Services

With increasing digitalisation, banks and financial service providers are exposed to an increasing spate of risks. Cybersecurity threats are steadily rising. Data privacy authorities are ramping up enforcement, and the scope of sector-specific regulations are widening.  

In the financial services industry, many of these risks are heightened, adding significant complexity to risk management and cybersecurity preparedness within financial institutions.

In this article by my colleague, Renato Fazzone discusses:

  1. Digitalisation changes the way we handle money
  2. New technologies, new players, new risks
  3. Supporting bank risk management through legal requirements
  4. Employees at the centre of banks’ risk management
  5. Potential of digitalisation and automation of risk management in banks

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals. 

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm. 

Banks and financial institutions will consistently drive their digital transformation in the coming years. Digitalisation will always produce new business models, which also always harbour new risks. Banks must move quickly in response to new technologies and be proactive as new risks arise. If the business strategy is consistently accompanied by robust risk management, digital transformation will result in tremendous business opportunity.


risk management, financial services, digitalisation, automation, banks, financial institutions