Social Risks - for a financial services business

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by Ian Laughlin

In this paper, Ian clearly illustrates the number of social risks that affect financial services businesses, ranging from patronism and values risks to litigation and fake news risks. He uses case studies and reliable evidence to then recommend what businesses should consider in order to deal with social risks, highlighting the need for new skills, techniques, tools, speed of response and dedicated senior resources. 

Key points

  • Financial institutions have been regularly subjected to public opprobrium.
  • Is conventional risk management working as it should in the contemporary world?
  • There are a range of internal and external social risks.
  • A much more sophisticated approach involving risk sensing in almost real time is needed.

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The Dialogue is a series of papers written by actuaries and published by the Actuaries Institute. The papers aim to stimulate discussion on important emerging issues. The opinions expressed in this paper are those of the author and do not necessarily represent those of either the Institute of Actuaries of Australia (the ‘Institute’), its members, directors, officers, employees, agents, or that of the employers of the author