2020 was a year of crisis management and 2021 looks set to be a year of learning the lessons and re-assessing the “how” as well as the “what” for firms and their business activities.
The speed at which the world changed as the impact of the COVID-19 pandemic became apparent was unprecedented. The pace at which financial services firms and regulators responded to manage the associated risks to customers and employees was equally unparalleled.
The continuing uncertainty caused by COVID-19 puts even greater emphasis on the need for risk and compliance officers to prepare their firms for all eventualities. The deployment of skilled resources together with an effective suite of tested policies and procedures should offset many challenges. The risks financial services firms run are firm-specific but there are some high-level risks applicable to all, irrespective of geography and sector.
The Thomson Reuters Regulatory Intelligence expert talk authored by Senior Regulatory Intelligence Expert Susannah Hammond sets out the five key risks for firms to consider in 2021.
Learn more about the 5 Key Risks for Firms in 2021:
- Post-pandemic review
- Financial cyber crime
- Digital transformation and recordkeeping
- Skills
- Outsourcing
