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    Emerging IT risks: Insights from German banking

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    Name:
    Ashby_S_Geneva Papers_Emerging ...
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    Publication type
    Journal article with impact factor
    Author
    Ashby, Simon
    Buck, Trevor
    Nöth-Zahn, Stephanie
    Peisl, Thomas
    Publication Year
    2018
    Journal
    The Geneva Papers on Risk and Insurance - Issues and Practice
    Publication Volume
    43
    Publication Issue
    2
    Publication Begin page
    180
    Publication End page
    207
    
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    Abstract
    How do German banks manage the emerging risks stemming from IT innovations such as cyber risk? With a focus on process, roles and responsibilities, field data from ten banks participating in the 2014 ECB stress test were collected by interviewing IT managers, risk managers and external experts. Current procedures for handling emerging risks in German banks were identified from the interviews and analysed, guided by the extant literature. A clear gap was found between enterprise risk management (ERM) as a general approach to risks threatening firms’ objectives and ERM’s neglect of emerging risks, such as those associated with IT innovations. The findings suggest that ERM should be extended towards the collection and sharing of knowledge to allow for an initial understanding and description of emerging risks, as opposed to the traditional ERM approach involving estimates of impact and probability. For example, as cyber risks emerge from an IT innovation, the focus may need to switch towards reducing uncertainty through knowledge acquisition. Since individual managers seldom possess all relevant knowledge of an IT innovation, various stakeholders may need to be involved to exploit their expertise.
    Keyword
    Cyber Risk, Emerging Risks, Enterprise Risk Management
    Knowledge Domain/Industry
    Special Industries : Financial Services Management
    DOI
    10.1057/s41288-018-0081-8
    URI
    http://hdl.handle.net/20.500.12127/6235
    ae974a485f413a2113503eed53cd6c53
    10.1057/s41288-018-0081-8
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