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Innovative technologies in financial institutions: Risk as a strategic issue

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"Financial institutions are upgrading their technology to navigate the pandemic. But in the current regulatory climate, new tech demands new ways of managing risk.

Institutions will have to balance the benefits of technological advances with the challenges of risk management. In our experience, three key components are equally essential to striking this balance:

1. Establish a new risk strategy and culture

2. Ensure attention, knowledge, and support at both operational and board levels

3. Shift the organizational mindset from governance to reinforcing desired behaviour"

McKinsey Digital

https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/tech-forward/innovative-technologies-in-financial-institutions-risk-as-a-strategic-issue

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By Glenn Barnes

8 January 2021

 
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