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

IF 1 Q3 ECONOMICS Foresight and STI Governance Pub Date : 2023-09-20 DOI:10.17323/2500-2597.2023.3.68.76
Tomer Kedarya, Amir Elalouf
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Abstract

The banking industry is facing unprecedented challenges, including cybersecurity threats, the need for rapid technology upgrades, a high degree of uncertainty, aggressive 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 representatives 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 future» 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.
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银行业应对新挑战的风险管理策略
银行业正面临着前所未有的挑战,包括网络安全威胁、对快速技术升级的需求、高度的不确定性、科技巨头大举进入金融市场等。与大多数传统行业一样,银行正在努力跟上变化的步伐,监测新出现的风险,并调整其发展战略。本文分析了全球银行业的新兴趋势,特别是在以色列的背景下。与最有影响力的国家银行代表的访谈构成了本研究的信息基础。企业战略的转变、对新商业模式的需求以及“面向未来”都得到了确认。研究结果强调了采用综合、全面的方法进行风险管理的重要性,这可能不仅对以色列的银行有用,而且对其他国家和地区的银行也有用。
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来源期刊
CiteScore
3.30
自引率
0.00%
发文量
8
审稿时长
25 weeks
期刊介绍: Foresight and STI Governance is an international interdisciplinary peer-reviewed open-access journal. It publishes original research articles, offering new theoretical insights and practical knowledge related to the following areas: strategic planning, science, technology, and innovation (STI) policy, foresight and other future studies. The journal considers articles on the following themes: - Foresight methods and best practices; - Long-term social and economic priorities for strategic planning and policy making; - Innovation strategies at the national, regional, sectoral, and corporate levels; - The development of National Innovation Systems; - The analysis of the innovation lifecycle from idea to the market; - Technological trends, breakthroughs, and grand challenges; - Technological changes and their implications for economy, policy-making, and society; - Corporate innovation management; - Human capital in STI.
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