Credit Summit: CROs reveal cyber security attack is number one fear

Cyber security attacks and inconsistent use of affordability tests are the issues worrying chief risk officers (CROs) most.

Credit Summit: CROs reveal cyber security attack is number one fear

This was revealed during a CRO panel debate, chaired by the BBC’s Evan Davis this morning, between the following speakers:

  • Cyrille Salle de Chou, chief risk officer for retail banking and wealth at HSBC;
  • Rahul Pakrashi, chief risk officer at Lending Circle;
  • Peter Rossiter, chief risk officer of Starling Bank;
  • Andrena Saripo, head of retail credit at Clydesdale & Yorkshire Banking Group.

Saripo said: “The range of affordability tests used by firms is creating negative competition, which is unfair to customers.”

The panel was also queried, through interactive question platform, whether or not it thought the Financial Conduct Authority (FCA) is becoming a “price regulator”. The overall opinion was that this is not the case and the regulator is “superb” at guiding firms and carrying out conduct-based regulation.

Just a day after Article 50 was triggered, the discussion at Credit Strategy’s Credit Summit tackled several issues including the impact of Brexit on innovation in credit risk and collections.

The panel session followed a keynote speech from Jonathan Davidson, director of supervision – retail and authorisations at the Financial Conduct Authority (FCA), who spoke about the FCA’s regulatory outlook for the next 12 months and how the authorisation process has helped shape consumer credit as well as an insight into innovation in the fintech sector.

This year’s Credit Summit streams included trade credit, alternative lending, credit risk, TCF conduct risk and compliance and more.