Finance

ESG Risks Top the List of Near-Term Concerns for Bank Executives

Cybersecurity, credit risks also cited, Deloitte survey finds
Pandemic seen as affecting financial firms over longer period

Oil residue contaminates cracked earth in an oil field near Samara, Russia, on Tuesday, May 14, 2019. The nearby village of Nikolayevka in central Russia has emerged as the epicenter of an international oil scandal with authorities saying corrosive chlorides entered Russia’s 40,000-mile network of oil pipelines, causing the first-ever shutdown of the main export artery to Europe.Photographer: Andrey Rudakov/Bloomberg

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By Yalman Onaran

February 1, 2021 at 12:00 PM UTC

This article is for subscribers only.

Risks related to climate change and social issues will intensify the most in the next two years, finance executives predicted in a survey, and firms will have to find ways to cope.

Environmental, social and governance issues topped the list of risk managers’ concerns in a Deloitte poll to be released on Monday, followed by cybersecurity and credit matters. More than half of the 57 firms surveyed were banks while the rest were in insurers, asset managers and other financial-services providers.