Ecosystem Benefits and Risks

Summary

Business ecosystems in financial services increasingly are a strategy to enable technological innovations, make efficient use of common resources and benefit mutually from experience and market access. Several recent innovations in the Swiss market are developed and delivered in joint ventures and are based on ecosystems. Breaking down the value chain and outsourcing key elements to partners is a relatively new development in banking and insurance, but entrepreneurship in the area gains momentum fast and innovation seems unlimited.

Are firms fully aware of the risks that arise from the dependencies to partners? Is the provision of products out of an ecosystem maybe even more resilient? Who is accountable when something or a partner fails? Regulators in any case became aware of the developments and address the topics with recent and upcoming regulation on third party risk management, outsourcing as well as digital operational resilience (e.g. Basel Committee on Banking Supervision (BCBS), Financial Conduct Authority (FCA), Digital Operational Resilience Act (DORA)). Is this addressing ecosystem risks sufficiently and in a smart way? What do we answer, if our boards ask the question: “Do we have the full overview of third and fourth parties and which of them pose a significant threat for us?”.

In this event you will:

1. Gain first hand insights into a practical example of an open ecosystem for loans
2. Identify risks that arise from such collaborations and learn from each other how to set up appropriate but affordable governance and monitoring for ecosystems and joint ventures
3. Hear about trends & development from recent risk surveys on governance of third party vendors and ecosystems

Presenters

Michaela Ernst: Head bitubi, Member of Glarner Kantonalbank Executive Board
Hanspeter Ackermann: CEO of Credex
Fabienne-Anne Rehulka: General Counsel of iptiQ, Swiss Re Management Ltd.
moderated by André Dylan Kohler: Head Financial Services Risk & Actuarial Switzerland & Partner at EY

Chapter Event

In our chapter events – access for members only – we present one or more speakers to share knowledge, updates and best practises on a specific risk topic. In small groups of risk professionals you can exchange thoughts and test ideas. More on SRA chapters. This event is hosted by the chapter Non-Financial Risks (NFR).