The opening session for the Starling 2024 Compendium Launch Event featured Starling Director of Research, Cameron Lawrence, discussing the top-10 key takeaways from the 2024 Compendium. The session delved into three main buckets of takeaways: lessons from the 2023 banking turmoil, current issues in the financial ecosystem, and tools to address these problems.
In the first bucket, the focus was on failed governance and supervision during the 2023 banking crises involving Silicon Valley Bank and Credit Suisse. Cameron emphasized the unprecedented speed of these failures and the need for proactive risk management. Meanwhile, many Supervisors have acknowledged their own shortcomings in the crises, suggesting that the culture of supervisory entities needs as much scrutiny as that of financial institutions. This highlights the need for a more proactive and resilient supervisory culture to manage non-financial risks effectively.
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