FINPRO Leader, Singapore
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.
We can help you manage the risks associated with your most pressing opportunities and threats, including mergers and acquisitions, restructuring, and new regulations. We are deeply experienced in building robust risk management programmes for banks and building societies, taking account of your significant exposure to cyber and conduct risks.
The insurance industry has its own distinct risk profile and generates ever-present operational exposures which must be managed to enable insurers to remain financially stable and competitive.
We know that the insurance sector is unique and understand why excellent client service starts with understanding your business perspectives. We are constantly innovating to identify and address gaps in coverage.
Asset management is changing, with more firms choosing to provide online services and passive funds.
Our practice can support you as your business model evolves, helping you to understand how your risk profile changes as your services expand.
Growing competition, an increasing regulatory burden, and unpredictable market conditions mean that profitable private equity business depends on careful risk management.
We can help you to understand the end-to-end risk impact of deals and support you in reducing the barriers to profitable transactions.
A financial institution is a regulated intermediary between consumers and the capital or debt markets. Generally, they are responsible for the supply of money through the transfer of funds from investors to companies in the form of loans, deposits, and investments (including stocks and bonds).
Financial institutions offer financial advice and/or services and include banks, non-bank financial institutions, insurance companies, and investment funds.
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.
FINPRO Leader, Singapore