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February 17, 2023

Forecasting 2023: Predictions for Financial and Non-Financial Risks

Hear risk management prognostications from Cris deRitis, the deputy chief economist at Moody’s Analytics.

Risk managers have been severely tested over the past 12 months. Rising interest rates, supply-chain problems, inflation and heightened geopolitical risk contributed to an environment of volatility and uncertainty, and many financial institutions grabbed headlines for all of the wrong reasons.

Operational risk disasters, for example, have cost large banks hundreds of millions of dollars. Credit risk modelers, meanwhile, are still trying to figure out the best path forward after wrongly forecasting a wave of defaults amid the pandemic.

The financial sector was also hit hard by data breaches that exposed cybersecurity flaws, while cryptocurrencies, highlighted by the collapse of FTX, experienced a host of failures as part of the so-called “crypto winter.” Last but certainly not least, we’ve witnessed the expansion of artificial intelligence in financial risk management, though concerns about explainability, bias and transparency remain.

How will the remainder of 2023 of shake out? What regulatory changes may be on the horizon, and which trends will have the greatest impact? Cris deRitis, the deputy chief economist at Moody’s Analytics, speaks with GARP editorial director Robert Sales about what lies ahead for risk managers.

 

Speaker’s Bio:

Cristian deRitis is the Deputy Chief Economist at Moody's Analytics. As the head of model research and development, he specializes in the analysis of current and future economic conditions, consumer credit markets and housing. Before joining Moody's Analytics, he worked for Fannie Mae. In addition to his published research, Cristian is named on two U.S. patents for credit modeling techniques. He can be reached at cristian.deritis@moodys.com.

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