The Lehman Collapse 10 Years Later
10 years following the Lehman Brothers collapse, are markets safer now? With flash crashes, digital currencies, crypto-assets and cyber-attacks among the newest and most challenging risks facing financial institutions today, the next crisis might be triggered by new types of risks that don’t even exist yet. Read more about how we are looking ahead to identify the key risks that could impact financial stability and opportunities to help mitigate or prevent future market crises.
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The Changing Risk Profile
Andrew Gray, DTCC Managing Director, Group Chief Risk Officer, discusses the changes in the regulatory landscape since the global financial crisis, the biggest sources of systemic risks in the industry today and how financial institutions can mitigate these risks.
A Q&A WITH DTCC ON SYSTEMIC RISK
Recognizing that “fighting the last war” won’t adequately prepare the financial industry for the next financial crisis, DTCC recently released a white paper, The Next Crisis Will Be Different – Opportunities to Continue Enhancing Financial Stability. In the paper, DTCC reviews how the nature of risk has morphed dramatically since 2008 and discusses the implications of this evolution on the risk management function.
Michael Leibrock, DTCC Managing Director, Credit and Systemic Risk,
and Adrien Vanderlinden, DTCC Executive Director, Systemic Risk Office,
sat down with DTCC Connection to discuss some of the key findings from
ON THE FINANCIAL SYSTEM
Cyber-threats against the financial sector have become more frequent, complex and sophisticated. The interconnectedness of individual players further heighten the risk of a large-scale cyber-attack.
Reducing the systemic impact of an attack requires a coordinated, cross-industry effort to develop and implement standards to mitigate the effect of a large-scale attack, according to a white paper published by DTCC and Oliver Wyman. The white paper calls for collective efforts to resolve current weaknesses, mainly related to specific cyber-scenarios and limited industry-wide testing, that could complicate the ability of banks and other financial institutions to react quickly to an attack.
FINTECH’S IMPACT ON FINANCIAL STABILITY
DTCC and the financial services industry are actively exploring and implementing fintech to advance post-trade processing. Fintech innovations have the potential to transform the global marketplace and create cost and time efficiencies. However, they could also pose or exacerbate certain risks, including cyber security concerns and other third-party risks. Discover how we’re helping the industry assess potential risks as fintech innovations become more widely adopted.
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