Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges

Tomer Kedarya, Amir Elalouf

Research output: Contribution to journalArticlepeer-review

Abstract

The banking industry is facing unprecedented challeng-es, including cybersecurity threats, the need for rapid technology upgrades, a high degree of uncertainty, ag-gressive entry of technology giants into the financial market, and others. Like most traditional sectors, banks are trying to keep up with the pace of change, monitor emerging risks, and adjust their development strategies. The article analyzes the emerging trends for the banking sector globally and, in particular, in the context of Israel. Interviews with repre-sentatives of the most influential national banks formed the information basis of the study. Shifts in corporate strategies, requests for new business models and «working with the fu-ture» were identified. The results emphasize the importance of an integrated, holistic approach to risk management and may be useful for banks not only in Israel, but also in other countries and regions.

Original languageEnglish
Pages (from-to)68-76
Number of pages9
JournalForesight and STI Governance
Volume17
Issue number3
DOIs
StatePublished - 2023

Bibliographical note

Publisher Copyright:
© 2023, National Research University, Higher School of Econoimics. All rights reserved.

Keywords

  • financial innovation
  • foresight
  • future of banks
  • innovation strategies
  • new technologies
  • risk management
  • scenario planning
  • stress testing
  • transformation

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