CeFPro's Non-Financial Risk Research 2021

CeFPro’s survey aims to assess the status of ‘Non-Financial Risks’ (NFR) within financial institutions. Traditionally, all NFR was considered ‘operational risk’, though with increasing regulatory scrutiny, more complex and diverse financial system and greater oversight/budgets within financial institutions, have shatter the ‘one size fits all’ operational risk terminology.
 
Non-Financial Risk typically cover qualitative risks, and typically lack data sets to ‘measure’ the financial risk.
 
This international, and comprehensive survey, will seek to address a number of critical challenges, and opportunities, faced by non-financial risk professionals
 
-        Status of the industry
-        Current challenges, opportunities and threats
-        Target specific and key non-financial risks being faced
-        Explore and identify key vendors and consultants, and end-users’ preferences, cost-effectiveness and service levels
-        Identify future trends and opportunities

All respondents of the survey will receive a complimentary copy of the report findings, so long a business email address is provided. CeFPro asks all respondents to only answer those sections relevant to your experience and knowledge.
Most questions are not compulsory, with the exception of those where an * is marked.

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* About you
All responses will be treated as strictly confidential and all data collated will only be used by CeFPro for analysis. CeFPro requires name and email address to validate some responses. No contact information or data will be shared with third parties.

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* Which of the following best represents the organization you are representing in this survey?

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* If you are a financial institution, which best describes your size, globally, in terms of tier 1 capital (all in USD):

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* Would you consider yourself as;

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* How many countries does your organization operate in?

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* Of the vendors and consultants you have used in the last 12 months, which would you rank as the current leader for the management of non-financial risk, considering investment/implementation costs, usability, effectiveness and adaptability? (Ranking in order of preference, 1 = best, 2 = second best, 3 = third best)

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* What are your top 3 non-financial risk topics for the coming 12 months? (Ranking in order of preference, 1 = most important , 2 = second most important, 3 = third most important)

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* Please state the relative priority for managing non-financial risk, compared to other financial risks (such as credit and market risks) in your organization currently:

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* How important do you rate the following investment areas for 2021:

  Not important Important Very important Most significant
AI / Automation
AML
Anti-fraud
Business continuity / Disaster recovery
Change / Organizational risk (personnel, tech)
Climate change / Environmental risk
Conduct / Culture risk
Cyber security
Data management
Digitalization
Financial crime
Geopolitical / Strategic risk
Human resources
IT / Technology risk
Model risk
Operational resilience
Operational risk
Privacy / Information & data protection
Regulatory / Compliance risk
Reputational risk
Third party risk

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* What is the primary software your organization uses for managing your specific area of non-financial risk?

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* Based on the response to the above, how much customization did you have to undertake with a Microsoft Office or Vendor provided software solution?

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* In the next 12 months time, what do you consider to be the predominant non-financial risk the industry will face:

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* Of the following non-financial risks, which areas do you work in, directly or indirectly:
(only respond to those areas that you have experience in)

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