We live in an interconnected global financial marketplace driven by technological transformation. 随着我们行业的不断发展, the risk landscape has changed rapidly, profoundly leading to dramatic shifts in the interconnected risk threat faced by businesses. Given the increasing complexity and interconnectedness of the global financial system, it is more important than ever to manage risks holistically.
Related: 存 Systemic Risk Barometer Survey Identifies Potential Threats
我们最近发布了 互联性重新审视, a white paper highlighting emerging systemic risks that are associated with recent changes in how the global financial system is interconnected. 在本文中, we highlight how the global interconnectedness risk landscape has changed rapidly and profoundly over the past few years, particularly across five areas: 跨境风险敞口, Non-Bank Financial Intermediation Sector, 操作风险敞口, 金融技术, and 金融市场基础设施 (FMIs).
Read below for a high-level summary of how systemic risks are impacted by the interconnectedness of these areas:
跨境风险敞口
- 系统性的总结: interconnectedness created by banks’ cross-border positions, 虽然在很多方面都是有益的, provides a transmission mechanism that can propagate shocks across the global financial system.
- 宏观问题: 国际 Monetary Fund (IMF) analysis, which investigates how the structure of the global financial network has changed since the global financial crisis (GFC) in 2007, highlighted three notable observations: the significant increase in China’s importance, 美国的稳定影响.S., and the greater concern from shocks encompassing the entire euro area.
- 关键: Greater cross-border interconnectedness has made countries that rely heavily on foreign capital inflows more vulnerable to systemic shocks.
Non-Bank Financial Intermediation Sector
- 系统性的总结:非银行金融机构, 包括保险公司, venture capitalists and currency exchanges, 等, are interconnected with banks through a series of direct and indirect links.
- 行业增长: While the financial assets of the banking sector have grown by 56% from 2010 to 2020, those of the NBFI部门增长了94% (to $226.6亿美元).
- 关键: growing importance of Non-Bank Financial Intermediation has increased the potential role that this sector might play in transmitting stress throughout the financial system.
操作风险敞口
- 系统性的总结: While financial interconnectedness was prioritized in the aftermath of the GFC, operational interconnectedness has been rising on the regulatory agenda because of the growing use of outsourcing and the increased importance of third and fourth parties.
- 网络统计: 45% of large financial services companies experienced a 网络攻击企图增多 since the onset of the COVID-19 pandemic.
- 关键: growing reliance on third-party vendors and the ever-increasing proliferation of cyber threats has created yet another channel of risk transmission that may have systemic implications.
金融技术
- 系统性的总结: scope of fintech-related applications is extremely broad and encompasses a wide array of innovative technologies, 业务模型和应用程序, from cloud computing to machine learning and artificial intelligence. As such, the impact of fintech on financial interconnectedness is a multi-faceted topic.
- 密码大小写:总数 cryptocurrency market capitalization 从17美元飙升.7 billion at the start of 2017 to slightly over $3 trillion in early November 2021, before falling back below the $2 trillion mark in early 2022.
- 关键: As fintech innovations continue to change financial services and as cryptocurrencies are starting to become more interconnected with the global financial system, a new set of financial stability challenges may be emerging.
金融市场基础设施 (FMIs)
- 系统性的总结: FMIs are interconnected with the financial ecosystem, which could provide channels for risk transmission.
- 多米诺骨牌效应:基于…的分析 the Study Group on Central 清算 Interdependencies (SGCCI), exposures to central counterparties (CCPs) are concentrated among a small number of entities. The largest 11 out of 306 clearing members are connected to between 16 and 25 CCPs, indicating that the default of a CCP’s clearing member could result in defaults of the same entity or affiliates in up to 24 other CCPs included in this analysis.
- 关键: FMIs themselves are interconnected with the financial ecosystem in a myriad of ways, which presents its own set of risk management challenges. 存 has taken various initiatives to reduce these risks.