Multifaceted risks facing financial services

Despite the considerable progress made by the industry since the global financial crisis, the next three years pose an ominous challenge. As we look back on the tumultuous year of 2022, marked by a sweeping pandemic, geopolitical unrest in Ukraine, supply chain disruptions, and rising commodity costs, we must also acknowledge the unprecedented start to 2023. So far, we have witnessed the collapse of Silicon Valley Bank, which operated for eight months without an official CRO, the takeover of Credit Suisse, which led to massive ATI write-offs, yet again a reminder at how interconnected the financial services industry truly is.