Nearly 61% of risk managers at financial services firms believe that the probability of a ‘high-impact’ event in the global financial system has increased during the past six months, according to a new Depository Trust & Clearing Corporation (DTCC) survey.
The survey found that the threat of a cyber attack is the key driver behind the increased concern among risk managers.
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Of the risk managers quizzed for the latest DTCC systemic risk barometer survey 70% cited cyber risk as the number one concern globally. In North America, concerns were even higher with 77% identifying cyber security as a top five concern.
Respondents identified geopolitical risk and the impact of new regulations as the second and third highest risks globally, cited by 50% and 41% of all respondents, respectively.
According to the report, European-based respondents ranked geopolitical risk highest, while respondents located in the APAC region or working for APAC firms expressed particular concerns over an economic slowdown outside of the EU/U.S. While, many respondents also commented on concerns related to market liquidity.
Nearly 72% of all respondents indicated their firms have increased the amount of resources dedicated to identifying, monitoring and mitigating systemic risks over the past year in response to these threats.
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By GlobalDataDTCC managing director and chief systemic risk officer Michael Leibrock said: "The survey is an important tool for identifying current market concerns. I think it’s also a great reminder of the ever expanding list of complex risks companies have to manage.
"It’s a challenge for many, and we’re committed to partnering with the industry to help mitigate risk whenever we can."
