Cyber, technology risks greatest concerns for global financial services sector, poll says

A poll of global financial services experts and Canadian risk executives conducted at the Global Risk Institute’s annual conference on Thursday has found that cyber and technology risks are the greatest concerns for the global financial services sector.

A press release from the Toronto-based Global Risk Institute (GRI) said that more than 180 senior Canadian financial executives participated in the survey. Executives were polled on questions that relate to the biggest emerging risks facing financial institutions.

The poll revealed that nearly half of executives cited technology risks as the biggest emerging risk to global financial institutions. Among these technology risks, 23% specified cyber security as the biggest risk and a further 23% identified disruption from emerging technologies as the biggest risk. Other global risks noted by participants were deflation (14%), asset bubbles (8%) and the slowdown in China (8%).

“No industry is immune from the impact of technological disruption, both from a strategic and security point of view,” Richard Nesbitt, president and CEO of the GRI, said in the release. “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.” GRI is a provider of applied, integrative research and education programs. It was founded as a not-for-profit institute by the Government of Canada, the province of Ontario, TD Group and Manulife in 2011, and currently has 30 member institutions from the financial services sector across Canada.

According to the release, “GRI enables financial institutions, policy-makers and regulators to better manage the balance between risk and opportunity by delivering applied research and education programs that build risk capacity and stimulate evidence-based debate for its members and the wider global financial community.”