2016 Financial Institutions Industry Report
With losses as much as $20 trillion in the US alone, the global financial crisis of 2007-2008 created havoc across the globe, leaving few industries unscathed and the financial sector among the worst hit. Many are still suffering from the consequences of rigorous global regulatory scrutiny and wavering public confidence nearly ten years later. For example, financial institutions are now facing multiple legal probes and have paid billions of dollars in fines over the past two years to resolve allegations involving foreign currency manipulations, tax frauds and questionable lending practices. Top risks for financial institutions continue to evolve and the 2016 U.S. Financial Institutions Industry Report, has shed insights on new and existing risks. In addition, the report highlights the interdependency among top risks and how financial institutions can no longer evaluate risk in isolation.
- Two interconnected risks – damage to reputation/brand and regulatory/legislative changes – are ranked by the surveyed financial institutions as top challenges facing their industry
- Cyber risk jumped from number 10 in 2013 to number five this year
- Overall, two or more methods are used to identify and assess risk with 69 percent of surveyed financial institutions utilizing a structured enterprise-wide method
- Almost half of the surveyed multinational companies control all their global and local insurance at their corporate headquarters while the other half leave the local offices to handle local insurance programs
For additional information contact Jacqueline Geiger, Aon Risk Solutions Financial Institutions Practice Leader.
Download the report – 2016 Financial Institutions Industry Report
Download the infographic – 2016 Financial Institutions Industry Report Infographic
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