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Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges

Author

Listed:
  • Tomer Kedarya

    (Bar-Ilan University)

  • Amir Elalouf

    (Bar-Ilan University)

Abstract

The banking industry is facing unprecedented challenges, including cybersecurity threats, the need for rapid technology upgrades, a high degree of uncertainty, aggressive entry of technology giants into the financial market, and others. Like most traditional sectors, banks are trying to keep up with the pace of change, monitor emerging risks, and adjust their development strategies. The article analyzes the emerging trends for the banking sector globally and, in particular, in the context of Israel. Interviews with representatives of the most influential national banks formed the information basis of the study. Shifts in corporate strategies, requests for new business models and «working with the future» were identified. The results emphasize the importance of an integrated, holistic approach to risk management and may be useful for banks not only in Israel, but also in other countries and regions.

Suggested Citation

  • Tomer Kedarya & Amir Elalouf, 2023. "Risk Management Strategies for the Banking Sector to Cope with the Emerging Challenges," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 17(3), pages 68-76.
    • Handle: RePEc:hig:fsight:v:17:y:2023:i:3:p:68-76
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    References listed on IDEAS

    as
    1. Michael Maingot & Tony Quon & Daniel Zéghal, 2018. "Risk management by US and Canadian financial firms during the financial crisis," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(4), pages 221-234, November.
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      More about this item

      Keywords

      innovation strategies; future of banks; transformation; new technologies; financial innovation; risk management; stress testing; scenario planning;
      All these keywords.

      JEL classification:

      • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
      • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

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