Ten years on from this significant event, a number of converging factors are on the minds of the financial services community. Tough lessons have been learned responding to the deluge of regulatory demands. Harsh public perceptions have demanded a radical reshaping of the industry’s reputation vis-a-vis banking behaviour and responsibilities.
In an effort to understand the health of the financial services market one decade on, Oliver Wyman has put together this report, asking whether the sector is still as vulnerable as in 2007?
Many regulatory implementation deadlines have indeed been met. There is a strong argument that the financial services sector is considerably more robust. Yet, we are now in an era that is characterized by political and economic uncertainty, the rise and fall of disruptive players, as well as demands for further cost containment.
This report examines some of the key factors shaping the CRO’s agenda post 2017. Taking lessons from 2007’s events and aftermath, we examine the threats and the steps needed to future-proof financial services organisations over the next decade.