The future of non-financial risk in financial services

Building an effective non-financial risk management program

Risk management is at an inflection point with regulatory authorities placing greater emphasis on managing non-financial risks (NFR) such as non-compliance, misconduct, and cyber risk. Financial institutions need to implement a holistic risk management framework that includes a comprehensive risk taxonomy describing different types of risks, and a robust risk identification process to assess and mitigate non-financial risk across all lines of defense.

 

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