DOCSLIB.ORG

Investing to Save, Serve and Survive

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investing to Save, Serve and Survive Investing to save, serve and survive Trends in Financial Services for 2019 and beyond Technology has disrupted just about every industry over the last decade of digitalisation. Financial services is no exception. Insurance and investment management, as much as retail banking, were already heavily reliant on information technology. The advances now being made have huge potential to transform – the internal processes of these service providers, how they interact with their financial ecosystems and, most obviously, their dealings with clients. Like many of their end customers, financial service companies are investing to save. These technologies can drive down the costs of back-office functions, transactions and staffing (by reducing headcounts). By extracting value from vast data, they can also make more commercially astute decisions, for example, better underwriting in insurance. In the retail banking sphere, this information – pooled through Open Banking in Europe – can shape more personalised, competitive and responsive products and services. The convergence of the new technologies we consider here could democratise financial services in ways that may currently seem hard to credit 2 This revolution is already well under way. In Africa and All this amounts to a massive challenge – strategic and India payments and micro-loans are transmitted by mobile operational as well as technological – for an industry that phone, while in more developed countries, smartphones is gargantuan, yet changing rapidly by its standards. The are the new branch network, and increasingly used as world of banking illustrates the scale. In 2007 none of the electronic purses and wallets too. world’s top ten banks were Chinese. By 2018, the four biggest were2. China’s banking industry is now bigger than When it comes to their finances, it’s not just millennials the entirety of the EU’s put together3. JP Morgan Chase and Gen Z who expect constant access at their fingertips. is the fifth largest. And in 2018, the USA financial sector Nearly three out of four adults in the US now bank online peaked with $17.5 trillion in total assets4. This industry is at least once per month, and Europe (with 70%) is not far also a major employer, not least in the UK. “1 in 14 British behind1. jobs are in financial and related professional services”5. Banks have to offer customers clear and streamlined ways The stakes are high and investment in new technologies to manage their finances. Consumers also expect more and innovation will be relentless as companies seek cost personalised products and services, and are no longer loyal savings and competitive advantage, new entrants exploit to the same bank or financial service provider for life. They applications more nimbly than incumbents, and regulators are as ready to embrace apps for finance as they would try to keep pace with this technological change and avoid music, exercise or mindfulness. the kinds of disruption that could destabilise a financial system on which so much depends. A decade on from the global financial crisis, the banking and financial services industry is facing tough macroeconomic There are five main technology trends that we believe will conditions, increased regulatory scrutiny, and growing attract the lion’s share of financial companies’ investment threats from cyber crime and data breaches. Alongside in research and development in 2019: the potential of new technologies to transform their operations and services, there is the disruptive force of tech-driven start-ups to contend with. The five trends 1 Artificial intelligence 2 Fintech, InsureTech and RegTech 3 Big data 4 Blockchain 5 Cyber security 3 1 www.forrester.com/blogs/who-currently-offers-the-best-online-banking-services-in-eu- 4 www.fdic.gov/bank/analytical/qbp/2018jun/qbp.pdf rope/#_edn1 5 www.thecityuk.com/news/financial-industry-growth-strong-across-the-uk/ 2 www.thebanker.com 3 www2.deloitte.com/us/en/pages/financial-services/articles/banking-industry-outlook.html 1 Artificial intelligence Computer algorithms and applications that perform tasks AI is playing a growing role in banking not only behind the previously done by humans are changing the world as we scenes but on the front lines. As early as 2010, Santander know it. All sectors and industries are being disrupted at launched its knee-high ‘red robots’ to guide its Spanish some level. Tasks, often time-intensive, that had to be visitors to its new visitor centre in Madrid. But now we done by humans, such as image or speech recognition, are seeing the rise of the chatbot, a relatively low-cost can now be completed in an instant, and with increasing application of AI. Customer-facing positions within banks reliability. and insurance companies are starting to be filled by these virtual assistants. Meanwhile, UBS has been using AI works through technologies such as Neural Networks, Amazon’s Alexa for its online customer service, and digital Machine Learning and Natural Language Processing wealth manager Nutmeg, the UK’s largest robo-advisor, (NLP). These technologies are used to create algorithms gives its 60,000 clients AI-directed advice on investment that are fed data to create innovative applications such as management and products. self-driving cars. The growing sophistication of NLP over the last few years In the finance sector, AI’s influence can best be seen in has made it harder for customers to tell whether they banking. Applied to payment and transaction processes, are interacting with a robot or another human. Chatbots AI is supporting fraud prevention and boosting detection. can advise customers on the best investments for their personal needs. Their advocates argue that chatbots have Investment banks, with their bigger R&D budgets, are the knowledge to take a far more holistic view than human leading the way, but the technology has begun to filter staff, better meeting the demand for a comprehensive down to retail banks. In 2018, HSBC announced it would range of services offered at lower price points. This can be using AI in the detection of money laundering, fraud also have a democratising effect, as more sophisticated and terrorist funding. investment advice – previously only available to much wealthier clients – can be offered more widely and in a form readily acceptable to digital-savvy consumers. 4 Operational efficiency can be better served by exploiting AI in finance is still only in its infancy. According to the AI. In 2017, JP Morgan announced its new Contract Financial Times, “rather than racing towards an AI- Intelligence Platform, or CoIn for short, a system to review enabled future, the industry is feeling its way forward”. legal contracts, “extract value and service our loans”. The Potentially, all routine tasks that are rules-based, in US banking behemoth reports that while staff were able areas such as insurance and asset management, could be to process 12,000 credit agreements per year, CoIn could automated. Currently, AI applications are designed to tackle thousands per second “with less error and greater perform a specific task. However, there is the potential efficiency”. for introducing a multi-tasking element that will allow for more sophisticated applications – from fraud prevention AI-enabled tools are also likely to play a part in managing or allocation of investments to retail banking services. the potential conflicts in Europe between data sharing, driven by the Open Banking initiative, and data protection, The potential to exploit AI in the insurance sector extends under the GDPR customer privacy regulations. much wider and can engage customers in new ways that provide mutual benefits. At least one major insurer While the power of AI is hugely significant, it’s important to is investing in AI photo recognition and smartphone note the potential pitfalls and limitations. Using algorithms applications that would help householders ensure that can leave companies open to bias. As with all computing, their possessions are identified and valued accurately so the ‘garbage in, garbage out’ mantra applies. AI is only as as to get the most appropriate level of cover and premium. good as the data that is fed into it. Inaccuracies will be reflected in the outcomes of the data analysis process. Finance is a multi-faceted industry with a wealth of Other industries such as advertising have already seen the potential applications for AI that will enhance services negative impact algorithmic bias can have. For example, to customers and spur operational efficiency in back- AI at YouTube broadly demonetised channels and videos. office functions. The technology will drive down costs and Microsoft highlighted the dangers of teaching AI using automate roles, while also spurring innovation in products public data when its chatbot Tay soon began to parrot the and services, and widening the market to new customers as racist prejudices of some of its human correspondents6. banks and service providers seek competitive advantage, In the financial sphere too, there is ample opportunity for let alone secure their survival in the digital age. innovators to ‘clean’ and improve the quality of data, and to support ever-more efficient pattern recognition. 5 6 www.theverge.com/2016/3/24/11297050/tay-microsoft-chatbot-racist 2 FinTech, InsureTech, RegTech Within the last decade there has been a pattern of people Monzo’s tech-driven approach to banking is popular quitting their jobs in big financial services firms to launch amongst millennials. For 2019, it was voted the bank start-ups, often in partnership with technologists similarly with the most satisfied customers, according to Which? intent on shaking up a niche area with new technology. Magazine, while incumbents like HSBC and Royal Bank of Scotland trailed at the bottom of the list11. It epitomises a FinTech start-ups are appearing across the industry. new generation’s desire for a fresh style of banking, readily FinTech “seeks to improve and automate the delivery available on their smartphones, and simple and clear and use of financial services”.7 Revolut, Transferwise and enough to understand at a glance.
Load more

Recommended publications
  • Value, Caution and Accountability in an Era of Large Banks and Complex Finance*
    2011-2012 BETTING BIG 765 BETTING BIG: VALUE, CAUTION AND ACCOUNTABILITY IN AN ERA OF LARGE BANKS AND COMPLEX FINANCE* LAWRENCE G. BAXTER** Abstract Big banks are controversial. Their supporters maintain that they offer products, services and infrastructure that smaller banks simply cannot match and enjoy unprecedented economies of scale and scope. Detractors worry about the risks generated by big banks, their threats to financial stability, and the way they externalize costs of operation to the public. This article explains why there is no conclusive argument one way or the other and why simple measures for restricting the danger of big banks are neither plausible nor effective. The complex ecology of modern finance and the management and regulatory challenges generated by ultra-large banking, however, cast serious doubt on the proposition that the benefits of big banking outweigh its risks. Consequently, two general principles are proposed for further consideration. First, big banks should bear a greater degree of public accountability by reforming certain principles of corporate governance to require greater representation of public interests at the board and executive levels of big banks. Second, given the unproven promises of performance by big banks, their unimpressive actual record of performance, and the many hazards they inevitably generate or encounter, financial regulators should consciously adopt a strict cautionary approach. Under this approach, big banks would bear a very heavy onus to demonstrate in concrete terms that their continued growth – and even the maintenance of their current scale – can be adequately managed and supervised. * © Lawrence G. Baxter. ** Professor of the Practice of Law, Duke Law School.
    [Show full text]
  • The Development of the City of London As a Representative Body
    The development of the City of London as a representative body Paper given by Mark Boleat at Guildhall Historical Association, 20 January 2014 The City of London Corporation has the functions of a local authority in the Square Mile, but it is heavily involved in many other areas including arts and culture, open spaces, private education, food markets, the judiciary, policing and State events. The City Corporation also has a representative role for “the City”, a shorthand expression for the UK’s financial services industry. This role involves setting out the City position and seeking to influence public policy in the UK, Europe and globally. Why the City Corporation is involved in non-local authority functions is bound up in history, and partly reflects the financial resources at its disposal. This paper seeks to explain why and how the City has come to exercise its representative role. The representative role today It is helpful briefly to set out the nature of the City Corporation’s current representative role, before beginning to analyse how that role developed. The work today includes – The Lord Mayor’s overseas programme, which is largely promotional although there is some representative work on policy issues. This also applies to the Lord Mayor’s role in receiving foreign visitors. The Policy Chairman is involved in frequent meetings with politicians, think tanks and other opinion formers in the UK, and also on the international stage – in the EU, China, India and the US. The objective of this work is to influence policy, lobbying as some would call it.
    [Show full text]
  • Retail Financial Services Bringing Real Benefits to Europe’S Customers 1.0 Foreword 03
    Retail Financial Services bringing real benefits to Europe’s customers 1.0 Foreword 03 1.0 Introduction 04 2.0 Executive Summary 06 3.0 Retail Financial Services Trends 11 3.1 The modern retail financial services customer 11 3.2 Disruptive technologies, new entrants and innovative business models 12 3.3 Putting Europe’s customers at the heart of the growth agenda 19 4.0 Modelling The Benefits For Europe’s Customers 21 5.0 Policy Recommendations 24 5.1 Adapting to the changing nature of the financial services ecosystem 24 5.2 Leveraging the opportunities of digitalisation 31 5.3 The Single Market in Retail Financial Services 36 5.4 Better information and products for customers 39 The International Regulatory Strategy Group The International Regulatory Strategy Group (IRSG) is a practitioner-led body comprising leading UK-based figures from the financial and related professional services industry. It is one of the leading cross-sectoral groups in Europe for the financial and related professional services industry to discuss and act upon regulatory developments. Within an overall goal of sustainable economic growth, it seeks to identify opportunities for engagement with governments, regulators and European and international institutions to promote an international framework that will facilitate open and competitive capital markets globally. Its role includes identifying strategic level issues where a cross-sectoral position can add value to existing industry views. TheCityUK and the City of London Corporation co-sponsor the IRSG. 2 | Retail financial services – bringing real benefits to Europe’s customers Foreword Foreword Globally, retail financial services continues to see significant change.
    [Show full text]
  • Britain and the World Economy Short Title: the Finance Curse Authors
    Full Title: The Finance Curse: Britain and the World Economy Short Title: The Finance Curse Authors: John Christensen, Nick Shaxson, Duncan Wigan [email protected]; [email protected]; [email protected] (corresponding author) Duncan Wigan is Associate Professor at Copenhagen Business School. John Christensen is a development economist and Director of the Tax Justice Network. Nicholas Shaxson is author of Treasure Islands, a book about tax havens and financial centres, and Poisoned Wells, a book about the Resource Curse. Abstract: The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts to highlight the perils of an oversized financial sector. States failing to harness natural resources for development, led to the concept of the Resource Curse. In many countries resource dependence generated slower growth, crowding out, reduced economic diversity, lost entrepreneurialism, unemployment, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similarly effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse starkly illuminates the condition of Britain’s political economy and the character of its relations with the rest of the world.
    [Show full text]
  • 2015 Europe – US Symposium Participant List
    SYMPOSIUM ON BUILDING THE ST FINANCIAL SYSTEM OF THE 21 CENTURY: AN AGENDA FOR EUROPE AND THE UNITED STATES ELTVILLE, GERMANY • APRIL 15-17, 2015 PARTICIPANT LIST as of April 13 2015 Simona Amati Ed Bowles Director, Financial Services, Kreab Regional Head of Public Affairs, EMEA and Americas, Standard Chartered Bank Ignazio Angeloni Member of the Supervisory Board, European Central Danny Busch Bank Chair for Financial Law, Institute for Financial Law, University of Nijmegen Gabriele Apfelbacher Partner, Cleary Gottlieb Steen & Hamilton LLP Tom Clark Executive Counsel, Government Affairs and Policy, GE Javier Arias Capital Head Representative to the E.U., BBVA Roger Cogan Maja Augustyn Head, European Public Policy, ISDA Senior Advisor, BNP Paribas Securities Services Nick Collier Gregory Baer Global Head of Government & Regulatory Affairs, Head of Regulatory Policy, JPMorgan Chase & Co. Thomson Reuters Mark Barber Michael Collins Deputy Treasurer, Global Relations, General Electric Director of Public Affairs, EVCA Company Raffaele Cosimo Chris Bates Chief Executive Officer, Promontory Financial Group Partner, Clifford Chance LLP Italy S.r.l. Troy Beatty Joanna Cound Assistant Director, International Regulatory Policy, Managing Director, Blackrock Office of International Affairs, U.S. Securities and Exchange Commission Chris Cummings CEO, TheCityUK Johannes Beermann Member of the Executive Board, Deutsche Bundesbank Robert Dannhauser Head, Global Capital Markets Policy, Gabriel Bernadino CFA Institute Chairman, European Insurance and Occupational
    [Show full text]
  • Irsg Data Workstream Response to Consultation on European Strategy for Data
    IRSG DATA WORKSTREAM RESPONSE TO CONSULTATION ON EUROPEAN STRATEGY FOR DATA The International Regulatory Strategy Group (IRSG) Data workstream is pleased to respond to the European Commission’s consultation on a European strategy for Data. We value the Commission’s recognition of the importance of the global digital transition that is currently changing our societies and economies at unprecedented speed, and the position of data at the core of this transformation. The International Regulatory Strategy Group (IRSG) is a practitioner-led body of leading UK-based representatives from the financial and professional services industry. It is an advisory body to the City of London Corporation, and to TheCityUK. The IRSG Data workstream has representatives from financial services firms, trade associations, the legal profession and data providers. In particular light of the COVID-19 crisis, the IRSG Data workstream by means of this letter would like to set out some of its thinking on how data governance mechanisms and structures can best maximise the social and economic benefits of data usage in the EU. We recognise that a consultation is currently ongoing on how the financial services sector could best harness the data economy, however we feel that there are some broader topics to consider in response to this consultation. In particular, the IRSG Data workstream has identified the following issues as those to note: 1. The importance of remaining internationally connected in regards data access and sharing. We support the development of common European data spaces, but a lot of work is needed to determine how these will operate and how they should be governed.
    [Show full text]
  • South West Financial Centre of Excellence
    2019 South West Financial Centre of Excellence May 20 Withdrawn 2 South West Financial Centre of Excellence gov.uk/ukti 3 2019 May Welcome to 20 The South West Region but we are also a significant alternative location to the UK capital for expanding financial services Cheltenham companies. Gloucester Bristol We’ve achieved this position through Bath a combination of strengths: a deep and diverse talent pool with thousands of top graduates; lower operating, property and staffing Withdrawn We are proud to introduce you to one costs; ready-made infrastructure of the UK’s most productive financial and super-fast connections to services city regions outside London. London, the rest of the UK and We’ve proved our mettle in industries throughout the globe. such as digital tech and aerospace, It’s time to explore the South West. 4 South West Financial Centre of Excellence gov.uk/ukti 5 Twelve reasons to set up and expand your financial services business in the South West 1. Top Talent 2. Established financial 3. A preference2019 162,000 people work in financial & services ecosystem for ex-Londoners professional services in the South West1 An influx of major investors are building Bristol is one of the UK’s preferred one of the largest FS sectors in the UK2 cities for those leaving the capital May 4. A leader in specialisms 5. Back-office hotspot 6. Four universities with The South West is a lead region outside Major brands are relocating 20,000+ graduates of London in financial services, high-volume processes here Recruit world-class economists, banking and accountancy and saving millions entrepreneurs, business and 20 law students Onshore magnet “With its sophisticated financial services ecosystem, proximity to 7.
    [Show full text]
  • Occupy London Tours: City Tour Script
    Occupy London Tours: City Tour Script 1. St Paul’s (both) 2. Temple Bar (Paul) 3. St Paul’s Cross (Dan) 4. St Mary Le Bow (Dan) 5. Royal Exchange (Paul) 6. Lloyds (Paul) 7. Bank of England (Paul) 8. City of London Corporation (Dan) 9. University of Chicago (Paul) 10. TheCityUK (Dan) 11. Deutsche Bank (Dan) 12. City/Tower Hamlets border (both) + Extra Fact sheet Remember: ● chalk ● stock cube ● Bible ● masking tape ● quotes ● hats ● umbrellas ● mics ● pipe/cigar 1/26 1. Steps of St Paul’s (D & P) [D] ● Welcome to the Occupy London Tour of the City of London – England’s smallest city. ● My name’s Daniel, a​nd I’m Paul –​ and we’re your tour guides today. ● Occupy London Tours is a n​on­profit group run by v​olunteers,​ aiming to d​emystify t​he world of finance with three tours that show London’s major role in creating it and shaping what it looks like today. ● Disclaimer ­​ As you might notice along the way, w​ e’re not professional tour guides,​ so all our tours are f​ree a​nd we d​on’t accept donations.​The tour lasts just over two hours and ends up by Liverpool St station. ● Feel free to take pictures or film a​ny bits of the tours you like, and to t​weet i​f you like ­ on Twitter we’re @​ OccupyTours.​And if you can’t hear at any point during the tour, just hold up the f​ist of struggle!​ ● If you have any q​uestions,​ or feel we’ve left something important out by all means butt in, but if it’s probably better to catch us between stops as there’s a lot to cram in! ● We’re looking for new guides so we can do more tours.
    [Show full text]
  • Alternative Finance for Smes and Mid-Market Companies
    AlternAtive FinAnce For SMEs And Mid-MArket coMpAnieS october 2013 About TheCityUK thecityUk is the independent, cross-sector voice for Uk financial and professional services and champions the international competitiveness of the sector. created in 2010, thecityUk supports the whole of the sector, promoting Uk financial and professional services at home and overseas and playing an active role in the regulatory and trade policy debate. the financial and professional services sector currently accounts for 13.5% of kU GDP. the sector employs over 2 million people, more than 68% of whom work outside london, and underpins the businesses that drive jobs and growth. thecityUk provides constructive advice and the practitioner voice on trade policy and all aspects of taxation, regulation, and other legislative matters that affect the competitiveness of the sector. it conducts extensive research and runs a national and international events programme to inform the debate. thecityUk is tasked with creating a new vision for the financial services sector. thecityUk is politically neutral. For further information please see www.thecityuk.com About Ares & Co Ares & co is a boutique strategy consulting firm working with leading financial institutions and regulators throughout europe. the firm has a particular focus on risk management and the impact of regulation on bank and insurance company balance sheets, capital requirements, and business models. Helping clients adapt their strategies in light of the wave of new regulation brought on by the financial crisis is Ares &c o’s core activity. the firm ise uropean in its roots and is currently based in paris and london. For further information please see www.aresandco.com ForeWord 03 FOREWORD FROM cHRIS cUMMINGS, cHIEF eXECUTIVE, tHECITYUk As the european economy turns a corner, it is imperative that smaller and mid-market companies receive the funding they require to help drive the economic recovery.
    [Show full text]
  • Chairman's Letter
    DIRECTORS’ REPORT Chairman’ s letter Chairman’s letter “ The Board took the opportunity to examine some of the broader global trends shaping the industry and impacting our business” Dear Shareholder, During the year, the Board continued to deepen its insight into our markets and understand the opportunities and the progress we are This year, the Board, alongside the Management Team, has been making in delivering on our strategic priorities. More detail can be focused on delivering stronger performance with the ultimate objective found on pages 18 and 19. As a Board, we collectively visited three of achieving our purpose – driving commerce and prosperity through very different markets during 2018, holding our meetings in India, our unique diversity. We have continued to make significant progress Nigeria and Korea. Alongside these Board and committee meetings in reshaping and strengthening the Group through 2018, improving we also met with our clients and other stakeholders, including financial returns, enhancing the Group’s resilience and strengthening engaging with our local colleagues. the performance culture and overall culture in line with the Group’s valued behaviours. As a Board, one of our key responsibilities is to set The UK’s Corporate Governance framework has continued to evolve the strategic direction for the Group, approve the strategy and hold with the Financial Reporting Council’s publication of its new UK management accountable for its execution. Corporate Governance Code. The new Code places more emphasis on the application of an updated set of principles focused on the value During 2018, the Board also took the opportunity to examine some of good corporate governance to companies’ long-term success.
    [Show full text]
  • Public Policy Engagement Rationale
    Home (/) News Who We Are Investor Relations Society Careers Our Sites Public policy engagement We have a responsibility to engage with policymakers including governments, parliamentarians and industry groups. Rationale As a major economic contributor – whether via the customers and clients we serve, the colleagues we employ, or the tax we pay – Barclays believes we have an important role to play as a contributor to the public policy debate. We engage with policymakers in all the jurisdictions where we operate, including with governments, legislatures, trade associations, consumer groups and other organisations like think tanks and NGOs. In all our discussions, we have a responsibility to be accurate, evidence-based and honest. We also believe we should only engage on issues where we have a legitimate interest, i.e. where there is a direct consequence for our business, our customers and clients, or our colleagues. We are also committed to being transparent. Last year for instance, in the UK and EU, representatives from Barclays met with over 20 ministers or commissioners, responded to 14 public consultations and paid fees to 11 trade associations to represent our views. For the US and Asia, our activity is available on local regulators’ websites. Home (/) GovernanceNews Who We Are Investor Relations Society Careers Our Sites Responsible corporate citizenship requires active engagement in legislative processes and policy discussion. Our engagement with policy makers and advocacy on public policy (political and legislative) issues is led by our Government Relations team, and is guided by both the Barclays Way Code of Conduct, and the following procedural rules and controls.
    [Show full text]
  • Governing Cyber Risk Report
    GOVERNING CYBER RISK A guide for company boards April 2018 @thecityuk www.thecityuk.com About TheCityUK TheCityUK is the industry-led body representing UK-based financial and related professional services. In the UK, across Europe and globally, we promote policies that drive competitiveness, support job creation and ensure long-term economic growth. The industry contributes nearly 11% of the UK’s total economic output and employs 2.3m people, with two thirds of these jobs outside London. It is the largest tax payer, the biggest exporting industry and generates a trade surplus greater than all other net exporting industries combined. About Marsh A global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK. 2 www.thecityuk.com Contents Foreword from TheCityUK 4 Foreword from Marsh 5 summary 6 Introduction 10 Benchmarking cyber risk governance 13 Conclusions 20 Authors and Methodology 21 3 Governing cyber risk – A guide for company boards Foreword from TheCityUK Digital technology has radically changed people’s lives and has brought untold benefits.
    [Show full text]