20 Feb 2023 | Financial Services | research series
Lawsuits & fines point fingers on Risk Management Models again - Where’s the Hope?
Record-breaking losses, plummeting liquidity, recessionary headwinds, and unprecedented volatility post-covid seem to be signifying a redundancy for the "Gold Standard" risk management frameworks of the past.
A whopping 600+ regulatory fines have been charged to banks since 2020 for their non-compliant governance and risk systems. In addition, Wall street's recent plunge in banking revenue for the top players amounting to about $20 billion only added to the sector's woes.
With the post-covid era's volatility, underpinned by unprecedented market swings, geo-political crises, data security, and crypto crashes, the risk bubbles have popped up in markets across the globe, and banks are struggling to address them.
Here's a sneak peek into Jasper Colin's coverage of the dwindling risk systems in the top banks of the developed markets.