在过去的几十年中, the financial ecosystem has evolved into a globally interconnected web that has delivered many benefits. These benefits include efficiency gains that make it possible to provide financial services faster to an ever-wider range of users as well as the increased diversification of risks and access to international funding sources.
更具体地说, cross-border finance has enabled banks and other financial institutions to spread risks internationally rather than on a local scale, providing emerging economies with a greater choice of funding opportunities than previously available.
Related: Dive into the Emerging Risks of Global Financial Interconnectedness
类似的, the interconnected nature of today’s financial ecosystem has enabled investors to take advantage of new investment opportunities in many parts of the –world, 跨地域多元化投资组合, 货币及资产类别.
然而, 尽管它有很多好处, 互联互通也伴随着风险, including increased third-party provider and cyber security risks. In response to this continually evolving threat, 企业必须考虑如何识别, monitor and manage the risks related to interconnectedness effectively and continually. When considering how to best prepare and respond, firms should assess four areas related to interconnectedness risks – financial 技术, 操作暴露, 非银行金融
中介和跨境影响.
金融技术
When considering interconnectedness risks related to financial 技术, market participants should consider all fintech-related applications within their firm, encompassing a wide array of innovative technologies, 业务模型和应用程序. The impact of fintech on financial interconnectedness is multi-faceted, as fintech innovations continue to change financial services and as cryptocurrencies continue to increase in their use within the global financial system. 要解决这个风险, firms must conduct detailed analysis of any new 技术 implementation to ensure it delivers the same, 如果不是更好, 安全性和弹性是当今的解决方案.
操作风险敞口
同时, firms around the world have demonstrated a growing reliance on third-party vendors which can increase 操作暴露s. It is no surprise that outsourcing has been on the rise due to its multitude of benefits that include lower costs, 提高效率, and greater flexibility to meet changing business demands. The pandemic and extensive implementation of remote and hybrid working accelerated the demand for outsourcing, 主要在IT领域. When added to the evolving cyber threat environment, a new channel of third-party risk transmission could be introduced that has systemic implications. 结果是, firms must conduct thorough analysis of all third-party engagements and complete vendor risk assessments to ensure risks are understood and addressed.
非银行金融中介
The growing importance of 非银行金融 intermediaries (NBFIs) – including insurance firms, venture capitalists and currency exchanges that are interconnected with banks through a series of direct and indirect links – has increased the potential role that this sector might play in transmitting stress throughout the financial system. Given the rapid expansion of the NBFI sector and the important role it plays, alternative banking services cannot be underestimated. 在这里, 在亚洲, NBFI are especially important in developing nations where access to credit for smaller firms may not be easily accessible. 为了解决这个问题, firms should enhance the resilience of their liquidity supply in stress scenarios and take measures to enhance risk monitoring. 同时, firms should augment their interconnectedness maps for different types of non-bank entities at various levels of granularity, 包括跨境风险敞口, 在需要时尽早采取行动.
跨境风险敞口
跨境风险敞口 is the interconnectedness risk that is created by banks’ cross-border positions, providing a transmission mechanism that can propagate shocks across the global financial system. Greater cross-border interconnectedness has made countries that rely heavily on foreign capital inflows more vulnerable to systemic shocks. 在亚洲背景下, 中国出现金融冲击, 香港, Singapore and South Korea could have far greater implications as these countries are closer to the centre of the cross-border financial lattice. 来解决这个风险领域, 企业应该实施压力测试, 在适当的地方, to assess the ability of cross-border market participants to respond to a shock and to analyze common vulnerabilities and linkages across markets.
While the interconnectedness of the global markets, 以及在生态系统内运作的公司, offer many important benefits and opportunities, it is also important to recognize that interconnectedness can introduce risks as well. Understanding the complexity of these dynamics, 包括NBFI, 技术, 业务和跨界影响, 需要时刻保持警惕. Firms must focus on identifying emerging threats and effectively address them, 为了个体公司的安全, underlying investors and the broader ecosystem.
本文最初发表于 资产 2022年11月4日.