20120426-奥纬咨询-World_Economic_Forum_and_Oliver_Wyman_Report_Rethinking_Financial_Innovation_92页_3mb

Rethinking Financial Innovation explores the dual role of financial innovation in driving economic growth while mitigating negative outcomes seen during the 2007-2008 financial crisis. Key points include:

• Concept of Innovation: Defined broadly to include product, process, and organizational changes across the financial sector.
• Balance of Pros and Cons: Innovation provides economic benefits (capital allocation, risk management) but introduces Knightian uncertainty, leading to unintended negative consequences.
• Critique of Innovation Process: Disjointed ERM frameworks, flawed New Product Approval (NPA) processes, and misaligned incentives contributed to systemic risks.
• Recommendations: Revised ERM, enhanced NPA processes, better incentives, customer-centric innovation, acknowledgment of innovation's societal role, and regulatory collaboration.
• Examples and Insights: Case studies like M-PESA highlight successful applications, while flawed innovations like complex derivatives underscore risks.

The report calls for a shift from restrictive regulations to well-managed innovation, ensuring safeguards while preserving benefits.