Marcin Mikołajczyk, Deputy Chair of the KNF, spoke at a debate titled ‘New risks and new regulations – what changes should the banking sector introduce?’, held as part of the European Financial Congress. The topic of the discussion was how financial institutions can strengthen their resilience against unforeseeable risks while maintaining their ability to support development.

The Deputy Chair of the KNF has emphasised that despite the growing number of new challenges, classic risks related to core banking activities, such as credit risk or liquidity risk, remain the cornerstone. The environment, however, becomes increasingly complex, mainly due to geopolitical tensions, rapid development of technologies and new regulations, so it is of key importance to build the holistic resilience of organisations. 

The Deputy Chair paid particular attention to cybersecurity that may quickly translate into the bank’s functioning and clients’ security. Legal risks are gaining more and more importance again. In response to those challenges, the role of CRO is growing as this is the main partner for the supervision authority in the area of risk management, and competence-related expectations for banks’ entire management boards increase as well. The supervision authority declares it will continue its talks with the market as the scale and complexity of risks in the years to come will be growing.