Читать книгу Non-financial Risk Management in the Financial Industry - Группа авторов - Страница 82

Non-financial risk has been gaining significant importance over the recent years as incidents such as the financial crisis of 2008 and recent money laundering scandals have shown that organisations not only need to keep their financial risks but also their non-financial risks in mind. Given that there is no general definition of non-financial risk and that regulators of different jurisdictions have not yet developed a common view, financial institutions need to develop their own non-financial risk taxonomies based on their business models and risk appetites.

Generally, non-financial risk is divided into two main categories: operational and strategic risks. The former contains operational risks, i.e. risks related to banking operations, while the latter contains those risks that we view as strategic risks, which makes them part of non-financial risk but separate from operation-related risks. This approach combines the specification of operational risks according to the BCBS definition, considering that the risks falling under strategic risks are also non-financial risks. Historically, we have seen that the non-financial risk taxonomy constantly evolves parallel to emergent risk topics, e.g. cybercrime and resilience risk due to access to new technologies. It will be interesting to see which currently unknown risk topics will surface in the future. Therefore, all the better if organisations are already well-positioned concerning the known risk topics.

Whereas the management of certain non-financial risks such as fraud risk or outsourcing risk is already established quite well and follows a standardised process, emerging risks such as conduct risk and sustainability risk require more attention. In addition, well-established risks like ICT risk need to be monitored closely as new sub-risks occur from increasing digitisation and automation. Therefore, it is important to review risk types periodically in a holistic manner and to assess their inherent and residual risk in order to see if they still match the organisation’s business model and risk appetite. Given the nature of non-financial risk, its measurement remains a challenge. Therefore, financial institutions need to develop robust methodologies for a more quantitative risk assessment of non-financial risks.

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[4] US Department of Commerce/National Institute of Standards and Technology 2012.

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[7] Ibid.

[8] OeNB/FMA 2006, 43.

[9] BCBS 2021b, 10–11.

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[103] Hillson 2000.

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[118] UNEP 2014.

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