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Corporate boards face exponentially escalating risks – at the heart of this development is the rapid escalation of board member accountability. Board members are no longer operating in a sinecure, free from legal risks. The walls are changing.
A perfect example of the changing landscape of risk is the importance of cybersecurity oversight and protections. The criminal cyberattack against the Colonial pipeline and the acknowledge payment of over $1 million to escape a ransomware attack underscores the new environment for corporate boards. The issue is not limited to energy infrastructure but extends to all critical technologies and a range of industries. Last year, the SolarWind’s cyberattack underscored another vulnerability in our nation’s reliance on software services to control and manage our Internet backbone.
FSB Reports On Global Trends And Risks In Non-Bank Financial Intermediation Date
16/12/2020
The Financial Stability Board (FSB) today published the Global Monitoring Report on Non-Bank Financial Intermediation 2020. The report presents the results of the FSB’s annual monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI). The report covers data from 29 jurisdictions, representing over 80% of global GDP.
The annual monitoring exercise focuses particularly on those parts of NBFI that may pose bank-like financial stability risks and/or involve regulatory arbitrage (the so-called narrow measure of NBFI). While the majority of this report is based on end-2019 data and therefore predates the COVID-19 pandemic, the trends described contribute to an understanding of the backdrop and some of the vulnerabilities that became apparent during the March market turmoil. In addition, two case studies are included in the report that analyse the