Canadian Financial Services Risk Outlook Survey 2024 CANADIAN FINANCIAL SERVICES RISK OUTLOOK SURVEY 2024 FEBRUARY 2024 INTRODUCTION CREDIT AND ECONOMIC RISK OF TOP CONCERN The Global Risk Institute’s Canadian Financial Services Risk Outlook Survey 2024 gathers insight Credit risk and economic risk have emerged as from financial services risk professionals on the the top risks this year, with cred. [...] The organizations’ growth over the next five years, recent escalation in the Middle East has extended respondents ranked cyber risk and technology/ to the Red Sea shipping lanes - one of the world’s innovation risk highest. [...] In addition to the risks Survey results indicate a difference in how identified by the banking sector - technology/ individual industry sectors perceive the top five innovation, regulatory and cyber - the insurance risks to their organizations versus the top five risks sector also considers strategic risk as a top threat. [...] Consistent with last year and the identification of AI and ML were identified as the top risk in the area of cyber risk as a top organizational risk, cyber incidents Technology Innovations, followed by quantum remain a leading threat to Critical Operations, tied computing and open banking/open finance. [...] Figure 4: Top Risks to Critical Operations Figure 5: Top Risks to Technology Innovations 4 Global Risk Institute CANADIAN FINANCIAL SERVICES RISK OUTLOOK SURVEY 2024 While climate risk fell out of the top five risks to the Organizations prioritized talent acquisition Canadian financial system last year, organizations and retention as the top risk in the Talent still recognize several issues within.
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