Financial institutions face a rapidly changing and increasingly competitive environment amid wider global economic uncertainty.
As technology continues to replace traditional delivery of financial services and products, the threats of data breaches and cyberattacks are creating challenges for financial institutions. Ongoing regulatory changes and rising compliance costs have added to the complexity.
With over 1,100 specialists globally, our in-depth understanding of the financial institutions industry allows us to support, understand, and measure your evolving business landscape, then minimize your exposures with solutions for traditional and emerging risks.
Our Financial Institutions Practice offers a wide range of innovative risk management and transfer solutions, from cyber and privacy liability through to more traditional risks such as directors and officers liability, professional indemnity, crime, property, casualty, and employers liability.
Our holistic approach is driven by extensive industry experience and unique insight, helping you to identify potential losses and determine how best to reduce your risks.
Featured insights
11/20/2022
Building societies: Cyber threats and solutions
With a rapidly evolving cyber risk landscape, building societies are particularly vulnerable. This article explores the key threats and mitigation strategies.
FAQs
Credit insurance can reduce one of the biggest risks for financial institutions, which is the failure of obligors fail to meet their contractual obligations. Known as credit risk, this includes consumers defaulting on loans or a bank failing to maintain regulatory liquidity levels.
Cyber risk is an increasing exposure for financial institutions, as the industry continues to be transformed by technology and given the sensitivity of the data held and the transactions executed. With specific cyber coverage and appropriate risk management plans in place, you can better understand, measure, and manage the threats posed by cyber breaches and business interruption.
Because financial institutions are often highly regulated, legal and compliance risks are also prevalent. This requires having appropriate financial and professional liability policies in place to protect boards, directors, and the business itself from mistakes and fraud committed by employees, bad employment practices, or sanctions for regulatory violations.
Financial institutions face numerous emerging risks today – pandemics, climate change, emerging and enterprise technology, geopolitical, and regulatory risk. Financial institutions must work proactively to identify and mitigate these risks with a focus on resiliency. By doing so, they can also differentiate themselves from their competitors.
Marsh’s more than 1,100 financial institutions specialists worldwide, backed by advanced data analytics tools, can support your efforts to understand the impact of these risks on your organization, make informed decisions about how to manage them, and optimize your total cost of risk.
