杰森·哈勒尔, 存 Managing Director of Operational and Technology Risk and Head of External Engagement, joined a panel of industry leaders in Toronto at Sibos 2023 to discuss the top risks facing the financial industry and what it takes for financial institutions to effectively managing existing and emerging risks with the rising use of new and 新兴技术.
Joining Harrell on the panel were Peter Dodic, 首席风险官, 支付加拿大, 苏珊·霍金斯, 高级副总裁, 企业支付, 道明银行集团和Erwin Kulk, Head of Service Development and Management EBA 清算. The panel was moderated by Matt Devine, Partner, Financial 服务 Risk Consulting Leader, PWC.
Risks to the Financial 服务 Sector
在小组讨论期间, the audience was asked to identify the top risk management concerns facing their business today and attendees overwhelmingly cited cybersecurity.
The continued maturation of the industry’s use of supply chains and technology has fostered the growth of new financial products and services and drove changes to existing financial products services. This maturation has also increased the interconnectivity of the global financial markets creating a highly effective financial ecosystem. 然而, these financial market changes have created an ecosystem that can permeate risks across the financial services sector.
- Third-party and Supply Chain: As financial institutions become better with implementing cybersecurity controls, the risks are moving farther out into the supply chain, prompting financial authorities to update third-party guidelines to address the changes to the threat landscape.
- Emerging technologies: Integrating new technology solutions into the financial markets presents the opportunity to introduce new risks within the environment that must be managed.
- Interconnectedness: “The combination of third party, 新兴技术, and interconnected risks creates an opportunity where an incident in one jurisdiction could impact multiple jurisdictions,哈勒尔说, adding that policymakers across jurisdictions are analyzing this, including the Financial Stability Board and CPMI-IOSCO.
Harrell added that “It could be a powder keg as the possibility of an incident impacting multiple financial institutions has moved from probable to inevitable.” Harrell, who is also Vice Chair of the 网络风险研究所, cited that the financial industry has developed the Financial Service Profile. The Profile can be used by financial institutions to align their cybersecurity programs with their compliance obligations and develop programs that increase their resilience.
Leveraging Technology for Improved Risk Management
The current operational and threat landscape is a melting pot of activity. New and 新兴技术 solutions such as artificial intelligence (AI) and cloud have aided financial institutions with being more resilient. AI can detect changes to normal patterns, identify variations to existing malware and fight fraud. Cloud solutions increase resilience by diversifying processing locations, creating a consistent operating environment, and facilitating the quick deployment of patches and security fixes. 然而, 哈勒尔说, these technologies like generative AI can also be used to develop better ways to attack the financial services sector.
平衡
Harrell concluded that companies should prepare for a range of risks not previously encountered. “The Basel Committee set out a good framework in the Principles of 操作弹性 on how firms can increase their operational resilience through identifying critical operations, 建立过程图, discovering common points between critical operations, 进行演习, 最后, establishing accountability for implementing resilience enhancements.”
杰森·哈勒尔 (m) shares insights and comments with fellow panelists 苏珊·霍金斯 (l) and Peter Dodic (r).