冰山之下：技术带来的系统性风险和持续的创新需求（英文）-151页_26mb

Summary of Beneath the Surface: Technology-Driven Systemic Risks and the Continued Need for Innovation

Core Content

This report, part of the Future of Financial Services series, explores the role of technology in both increasing and mitigating systemic risks within the financial services ecosystem. It emphasizes the growing complexity of risk sources due to the rapid adoption of digital technologies and the need for a coordinated, innovative approach to address these challenges.

Main Viewpoints

• Technology as a Double-Edged Sword: Technology is not only creating new systemic risks but also offering innovative solutions to mitigate them.
• Systemic Risk Complexity: Systemic risks are increasingly driven by interconnected and digitally integrated systems, making them harder to predict and manage.
• Need for Collaboration: Mitigating these risks requires collaboration between public and private sector players, as well as alignment across regulatory bodies.
• Evolution of Risk Metrics: Traditional measures of systemic importance, such as the size of a financial institution’s book, are becoming less relevant in the digital age, with network size and complexity emerging as more critical indicators.

Key Information

Risks in the Financial Services Ecosystem

1. Structural and Composition

   • Consolidation of a few vendors providing critical capabilities
   • Growing ecosystem interconnectivity and modularity
   • Undefined regulatory oversight for new entities and business models

2. Technology Utilization

   • Algorithmic and model deficiencies
   • Inexplicable machine- and model-led outputs
   • Operational consequences of technology implementation

3. Economic and Fiscal

   • Obscurity in increasingly complex supply chains
   • Increasing displacement of deposits
   • Asset price volatility

4. Cyber and Data

   • Lagging cybersecurity mechanisms
   • Identity misrepresentation and authentication vulnerabilities
   • Stagnant and inconsistent data privacy controls

5. Societal and Climate

   • Dissemination of media and false information
   • Damage caused by natural disasters and catastrophic events
   • Rising geopolitical tensions

6. Emerging Sources of Influence

   • New opportunities for market manipulation
   • Paradigm shift in financial market participation beyond current protection mechanisms
   • New drivers of financial exclusion, such as algorithmic biases and inaccessibility

Risk Themes

Strategic Recommendations

• Enhance Risk Monitoring and Detection: Industry players need to develop forward-looking risk prevention and detection mechanisms to address intensifying stochastic events like cyberattacks and climate change.
• Promote Multilateralism and Information Sharing: Global players must collaborate on multilateral efforts, especially in addressing inconsistencies in national approaches and promoting shared taxonomies and frameworks.
• Tailored Regulation for Novel Business Models: Understanding the nuances of new business models is essential for creating tailored regulatory responses, particularly for non-traditional entities like Big Tech.
• Address Information Asymmetry: Mitigating systemic risk requires solving information asymmetry, which is a key barrier to effective risk measurement and prevention.
• Strengthen Cybersecurity and Data Privacy: Cybersecurity mechanisms and data privacy controls need to be modernized to address vulnerabilities in a digitally interconnected environment.

Conclusion

The report underscores the necessity of innovation and collaboration to manage technology-driven systemic risks effectively. It highlights the importance of a holistic and forward-looking approach to risk mitigation, emphasizing the need for regulatory alignment, shared frameworks, and multilateral cooperation. By understanding and addressing these risks, the financial services ecosystem can become more resilient, inclusive, and sustainable.

Authors and Contributors

• Lead Author: Drew Propson, World Economic Forum
• Co-Author: Rob Galaski, Deloitte
• Project Team: Anthony Korshunov, Megan Long (Deloitte), and various other experts from financial institutions, technology firms, and regulatory bodies.

Methodology

• Global Workshops: Seven virtual workshops were conducted, involving leaders from financial institutions, technology firms, regulators, and academia.
• Expert Interviews: Over 100 interviews were conducted with public and private sector leaders.
• Survey: An anonymized survey was completed by over 50 participants, highlighting concerns and perceived impacts of risk sources.

This comprehensive analysis provides a foundation for understanding and addressing the complex, evolving landscape of technology-driven systemic risks in financial services.