Exclusive video: Fintech risk – when things go wrong
Held at the QEII Centre in the heart of Westminster, London, our annual two-day conference FinTech LIVE London was a disruptive learning and networking event showcasing the industry’s leading figures across innovation, thought leadership and strategy.
Marsh: When things go wrong in fintech
In a fireside chat on Stage 1, Alex Phillips, SVP of FINPRO at Marsh, discusses the common risks for emerging fintechs today.
Having worked in the insurance industry for over 20 years, Phillips delivers key insights on ways fintechs can protect their business from the pitfalls on the journey to sustained growth.
For Phillips, risks for fintechs can come from multiple sides and robust strategies are needed to mitigate any adverse repercussions of oversight and poor financial planning.
He notes: “Risks come in all sorts of sectors. From The Financial Conduct Authority (FCA (UK regulatory body)), operational resilience is a key consideration – it looks at a fintechs relationship with outsource service providers, how it chooses them and how much it relies on these sorts of companies.
“Then there is Counterparty Risk Insight, which would look at the solvency or insolvency of your fintech company – analysing what would happen if the company became insolvent.
“This then leads to reputational risk, which is a really key thing for fintechs and intangible in some ways to quantify. It is ultimately the biggest risk you face when trying to take a new product or service to market.”
The risks don’t stop there, with rising levels of cyber threats and increasing consideration for new fintechs with fledging data security architectures. For Phillips, this is something that needs considerable attention, too.
For more from Phillips on ways fintechs can mitigate the risks to their businesses, you can click on the video link above.
Want to see more from FinTech LIVE London? Stay tuned to our website for more content, which will be coming your way very soon.
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For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.
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Please also take a look at the playlist for our latest hybrid event, FinTech LIVE London, to learn all about the latest trends in fintech.
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