Accelerated technology adoption in the financial services sector is creating new systemic risks to the global financial system, according to a new report. Beneath the Surface: Technology-driven systemic risks and the continued need for innovation is the first publication in the World Economic Forum’s two-part Technology, Innovation and Systemic Risk research initiative.
The report explores the relationship between increased technology adoption and the potential shock of cascading risk factors – for example, the domino effect that can result when hackers, disasters or geopolitics expose interconnected financial systems to a growing array of known and unknown vulnerabilities. The research additionally examines actions that can address identified risks, including the role that technology itself can play in mitigation approaches.
Credit Benchmark are pleased to have contributed to this report as industry experts through numerous interviews and workshops over the past year.