Risk managers globally are scrambling to respond to a number of financial risks related to the pandemic and the related economic meltdown, making credit risk one of their chief concerns for 2021, as reported in a new study by Deloitte. But are non-financial risks potentially falling through the cracks?
Risk managers surveyed in the Deloitte study also sounded the alarm about non-financial risks related to working from home, including operational resilience, conduct and compliance risk, and promoting a risk-aware culture.
“While almost all respondents rated their institutions as extremely or very effective at managing financial risks, the figure dropped to 65% for non-financial risk overall and was even lower for specific types and aspects of non-financial risk such as conduct and culture (55%), geopolitical (42%), and data quality (26%),” Deloitte reported in its 12th and most recent Global Risk Management Survey, released Monday. “Forty-four percent of institutions reported having a single individual who is accountable for oversight of the general category of non-financial risk. Many institutions have work to do to enhance their capabilities in this…
