The 2008 financial crisis and the nature of the highly regulated financial services industry has increased risk maturity, which has had the effect of helping organizations remain resilient during the pandemic. Indeed organizations in this industry beat the overall benchmark, indicating that they considered pandemic a key risk prior to COVID-19 (25% compared to the average of 18%).
Many organizations were also able to adapt quickly to remote working and maintain productivity, though it also created a well-being challenge for the workforce. Many in the sector are focused on talent retention and adjusting appropriately for a larger change in the future of work. The acceleration of digital working and online transactions has financial services companies rightfully focused on the risk of a major cyber event, which will require a robust risk management approach.
Full results
Financial Services
Future Shocks
1. Economic disruption
2. Technological disruption
3. A major cyber event
4. Business model disruption
5. Geopolitical tension
45%
17%
1%
6%
30%
Impact Severity
Our business has been severely impacted and will take significant time to recover
Our business has been impacted, but we are unsure of the long-term impact
Our business has been impacted, but has been resilient
Our business has remained steady during COVID-19 with little impact
Our business has thrived during COVID-19