The speed and scope of change occurring within individual banks is challenging for the current operating environment, Deputy Comptroller for Operational Risk Carolyn DuChene noted before OpRisk North America. In her speech DuChene highlighted the foremost challenges in the financial industry, such as regulatory changes, an increasingly mobile world and cyber threats.
Banks are adjusting to these challenges by rethinking business strategies, launching new products, overhauling their technology and divesting non-core assets, DuChene pointed out. Banks are increasing their coordination with third-party vendors, handling only the most core parts of business while outsourcing many other aspects that require specific expertise.
Read the speech.