Chief Risk Officers of Banks are currently keeping a close eye on the debt-ceiling crisis in the US. What are the risks banks face in case of a U.S. default? Welcome to post #5 of the CRO series. A recent article by MarketWatch highlights the growing concerns surrounding this issue and sheds light on the
What are Canada’s top disaster risks? In May 2023, the Government released its first National Risk Profile (NRP) providing a comprehensive overview of Canada’s top disaster risks. This inaugural report delves into key areas such as earthquakes, wildland fires, floods, and pandemics, offering invaluable insights to inform your risk management strategies and enhance your ESG
Wells Fargo’s agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders. The lawsuit accused the bank of overstating its progress in addressing governance issues and risk management systems following the 2016 fake-accounts scandal. Here are a few insights regarding the S and the G factors in ESG: ➡ Social: The lawsuit
As the world becomes more digitized, cyber-risk has become a significant concern for banks and financial institutions. Cyber-attacks have the potential to cause significant financial and reputational damage, and as such, managing cyber-risk has become a top priority for chief risk officers in the banking industry. Welcome to post #4 of the CRO series. There
Is Your Small Business Ready to Implement an ESG Strategy, but you don’t know where to start? As consumers increasingly demand that businesses prioritize their impact on the environment, society, and governance, small businesses can’t afford to ignore the importance of implementing an ESG strategy. Not only does it improve a company’s reputation, but it
Are you looking to hire more women in finance and capital markets but struggling to find the right talent? Attracting and retaining more women in finance is not only the right thing to do, but it also makes good business sense. Studies have shown that diverse teams are more innovative, productive, and better positioned to
For Chief Risk Officers (CRO) in the banking sector, managing the challenges of climate risk is among their top priorities. Welcome to post #3 of the CRO series. Climate risks can manifest in different forms, such as physical risks like natural disasters, and transition risks such as shifts in policy or market preferences. These risks
Did the rapid growth of SVB Bank contribute to its failure? Yes, it did. As the bank expanded its operations and became more complex, the board and management failed to effectively manage the associated risks, such as liquidity and interest rate risk. Additionally, short-term profits were prioritized over effective risk management, which resulted in compensation
For Chief Risk Officers (CRO) in the banking sector, navigating the current economic landscape is no easy feat. The recent rapid and steep increase in interest rates have added to their concerns. Welcome to post #2 of the CRO series. ▪ The recent increase in interest rates was a necessary measure to combat inflation. However, like
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