HK Highlights 1 - Digital Magazine Version - Flipbook - Page 5
Attention paid to GRC in 昀椀nancial
services appeared to have dwindled
somewhat in the couple of years
leading up to 2023, particularly
in contrast to the decade of
growth and empowerment of risk,
compliance and audit functions
following the events of 2008...
seemed to offer tech-led opportunities
that were too good to miss. As the
FT asked in Autumn 2022, “doesn’t
anyone do due diligence anymore?”
Consequences of such laxity have
been severe: a number of major 昀椀nancial
institutions, including the venture
capital-focused Silicon Valley Bank (SVB),
sensationally closed down in 2023,
having paid too little attention to risks
mounting over long periods. SVB is now
known to have had no one occupying
the Chief Risk Of昀椀cer positions, either at
group- or UK-level, when it folded. The
only positive from these situations is that
a great many lessons will be taken from
these outcomes by 21st century GRC
professionals.
HK HIGHLIGHTS
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