20211027-世界经济论坛-Beneath_the_Surface_Technology-driven_systemic_risks_and_the_continued_need_for_innovation_151页_26mb

Report Overview
This report examines the growing role of technology in increasing systemic risks within the global financial services ecosystem. It highlights how technology-driven innovations can create and amplify risks, such as digital interdependencies, model inaccuracies, regulatory gaps, geopolitical conflicts, the influence of social media, and barriers to financial inclusion. The analysis is based on research involving financial services and technology experts, focusing on interconnected threats that could cause widespread disruption.

Key Systemic Risk Themes Identified

• Digital Interdependencies: Technology enables highly connected networks, but this increases vulnerabilities from cascading failures. Mitigation involves zero-trust security, geographic information systems (GIS), and quantum key distribution (QKD).
• Shared Model Vulnerabilities: Traditional risk models often fail to predict extreme events, leading to inaccuracies. Solutions include federated analysis and advanced quantum algorithms for better forecasting.
• Gaps in Entity-Based Regulation: Emerging technologies, particularly in decentralized finance (DeFi), lack adequate oversight. Recalibrating regulatory approaches and enhancing data sharing through digital platforms are recommended.
• Conflicting National Priorities: Issues like cyberattacks and data fragmentation hinder global coordination. Mitigation strategies include blockchain-based data authorities and multilateral cyber threat utilities.
• Emerging Sources of Influence: Social media platforms can manipulate markets and consumers. Monitoring algorithms and collaborative alert systems are suggested to detect misinformation.
• New Drivers of Financial Exclusion: Technology can exclude vulnerable groups. Alternative credit scoring and inclusive identity solutions can improve access and fairness.

Key Findings and Recommendations

• Unregulated players contribute disproportionately to systemic risks, and systemic importance is increasingly tied to network size and interconnections.
• Technology enhances risk mitigation capabilities, but practical solutions are needed, such as proactive risk prevention and international collaboration.
• Leaders are encouraged to question their organization's preparedness for technology-driven risks and to focus on resilience-enhancing measures, including scenario design and cross-sector data sharing.
• Addressing systemic risks requires a balanced approach, combining individual entity actions with multilateral efforts to avoid unintended consequences from interventions.

Conclusion and Call to Action
The report concludes that a proactive agenda is essential, urging financial leaders to invest in technology-enabled mitigation strategies. Enhanced collaboration and regulatory reforms are critical to managing technology-driven systemic risks and ensuring financial stability.