A new era in risk management of financial firms

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Avcı, Süreyya Burcu (2019) A new era in risk management of financial firms. In: Walker, Thomas and Sprung-Much, Northrop and Goubran, Sheriff, (eds.) Environmental Policy: An Economic Perspective. Wiley Blackwell, Canada. (Accepted/In Press)

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This contribution analyzes how new technology has changed the risk management landscape for financial companies. Accelerating technological innovations in finance industry has disrupted the old order and created new challenges and opportunities along with new winners and losers. New payment systems, digital currencies and investments are just some examples of these innovations. Formerly self-sufficient finance companies must collaborate with FinTech companies in order to protect market shares. Technological innovations and collaborations among companies in the finance sector do not change the structure of risk management departments; rather they increase the extent to some risks types, such as operational, reputational, and legal risks. E-financing activities, outsourcing in finance companies, and cyber threats are the major new risk types that finance companies must handle in addition to traditional risks. New risk management principles guide the risk manager to tailor specific practices for each finance company.

Item Type:Book Section / Chapter
Subjects:H Social Sciences > HG Finance > HG8011-9999 Insurance
H Social Sciences > HG Finance > HG4001-4285 Financial management. Business finance. Corporation finance
ID Code:38073
Deposited By:Süreyya Burcu Avcı
Deposited On:04 Aug 2019 23:10
Last Modified:23 Aug 2021 10:07

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