Possible Challenges and Recommendations for Risk Managers in Financial Institutions

Authors

  • Yiqing Wang

DOI:

https://doi.org/10.54097/c36vhq88

Keywords:

Risk Management, Financial Organazations, Spill-Over effects, Globalization, Standardized procedures.

Abstract

 The article analyses the importance and potential challenges of risk management in financial institutions, highlights the difficulties financial institutions face in identifying, assessing and mitigating the various risks within their organisations, and makes a number of recommendations to The article analyses the importance and potential challenges of risk management in financial institutions, highlights the difficulties financial institutions face in identifying, assessing and mitigating the various risks within their organisations, and makes a number of recommendations to address these issues.This paper explores these challenges, which include spillover effects, cybersecurity issues, efficiency trade-offs between costs and processes, regulatory compliance, and the impact of globalisation. Recommendations are made to address these challenges, such as adopting standardised procedures, embracing technological innovation, identifying emerging risks, and increasing automation of risk management processes. Effective risk management practices are essential to address the complexity of the financial industry and ensure organisational resilience.

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Published

27-04-2024

Issue

Section

Articles

How to Cite

Possible Challenges and Recommendations for Risk Managers in Financial Institutions. (2024). Academic Journal of Science and Technology, 10(3), 192-194. https://doi.org/10.54097/c36vhq88

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