The future of Non-Financial Risk in financial services: Building an effective Non-Financial Risk management program The future

Risk management is at an inflection point with regulatory authorities placing greater emphasis on managing non-financial risks (NFR) such as non-compliance, misconduct, and cyber risk. Financial institutions need to implement a holistic risk management framework that includes a comprehensive risk taxonomy describing different types of risks, and a robust risk identification process to assess and mitigate non-financial risk across all lines of defense. This industry whitepaper was authored by Edward Hida, Francisco Porta, Michael Pieper, Ricardo Martinez, and Dr. Gerhard Schroeck at Deloitte, published in 2018.