“The risk governance part is coming into focus more than ever,” he says.
Though risk management has always been a vital component, Rasske believes the priority, scope and value of the function as a whole has escalated. “Given the uncertainty that’s still in front of us and the rapid changes we’re having to deal with, whether they’re internal or external circumstances, I think risk management oversight and decisioning has moved into a position that’s more critical for bank success than ever before,” says Rasske. Undergirding these converging risk trends is an emphasis on the importance of the entire risk governance structure, which ABA SVP and risk expert Ryan Rasske, CERP, CAFP, says will likely be front and center in the new year and beyond. The shifts in regulatory priorities that often follow a change in administration created new risk profiles for banks already grappling with emerging social and financial issues on an unprecedented scale.Īmid so much ongoing upheaval, what risks will 2022 bring? We gathered insight from industry experts on how they anticipate issues such as cybersecurity, third-party partnerships and compliance will shape banks’ risk management strategies in the year to come.
Banks suddenly risked losing accounts if their digital game wasn’t top notch. And then 2021 happened, and we learned just how sticky the pandemic’s many challenges could be.Ĭustomers discovered they like the convenience of newly launched digital channels, but their patience with the teething stage of online banking evaporated. By Julie Knudson As 2020 came to a close, banks, consumers and the world at large were eager to see it go.
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