In this new episode of FInsight: Global Financial Institutions Industry Podcast, Karen Man and Jennifer Klass, financial regulatory partners in Hong Kong and New York respectively, talk about the survey and and share perspectives on what clients are experiencing in the market. They also give situational examples in light of the continuing push for digitalization and sustainability, including relevant action items for senior executives.
Belgian government agencies directly responsible for Belgian FIs and the European Central Bank announced a series of measures to ensure that financial institutions under their direct supervision continue to finance the real economy to mitigate the economic effects of COVID-19.
Each market is dealing with COVID-19 cautiously, and the guidelines issued by different agencies follow a general theme around awareness, caution, and transparency.
Financial institutions face two categories of emergencies arising out of the coronavirus disease that could impair their functioning. The first is directly financial: a sudden drop in the value of financial assets, or loss of liquidity, whether domestically or elsewhere in the world that could lead to a national or even global financial crisis. The second is operational: the failure of the support structures that underpin the financial system.
Over recent years, the financial services industry has come to be increasingly defined by, and reliant upon, new technologies and systems. Alongside the opportunities afforded by the increased use of technology, regulators are increasingly aware of the growing threat of disruption caused by technology outages and cyber-attacks.