Financial Services

Let's navigate the challenge together

The financial services industry is evolving as a result of recent pandemic disruptions. Financial strategies are looking different than they used to—financial services organizations need to make changes, and operations must realign to fit those changes. Delinquencies and defaults on mortgages, loans, credit cards, and other forms of consumer and commercial borrowing tend to spike during economic instability and hardship. So, how will you adapt to the new normal?

Credit risk management and technology enablement will play vital roles in bringing this shift to life. Cloud deployment, data analytics optimization, and cybersecurity capabilities will crawl higher on the priorities list, along with the role artificial intelligence plays in credit risk. Lending institutions like banks, credit unions, and mortgage investment corporations will start seeing gradual increases in their non-performing loan levels and in their credit risk exposure. Our financial services team weighs in on how these and other issues will affect this industry in the midst of restoring operations.

 

What are next steps? Connect with a BDO professional.







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Contacts

Sam Khoury
Sam Khoury
Partner, National Financial Services Leader, National Third Party Assurance Leader
CPA, CITP, CRISC
416-369-6030
skhoury@bdo.ca
Daryl Senick
Daryl Senick
Partner, BDO IT Solutions
647-795-8008
dsenick@bdo.ca
Ziad Akkaoui
Ziad Akkaoui
Partner
CPA, CA, CIA, CISA
416-865-0111
zakkaoui@bdo.ca
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