Reputation is the biggest risk, says PwC

Reputational risk is now the biggest single risk financial institutions face, according to professional services firm PricewaterhouseCoopers (PwC).

PwC commissioned a survey of 160 senior executives in financial institutions from North America, Europe and Asia, on the subject of compliance. A total of 53% of respondents rated reputational risk as the biggest risk their organisation faces, compared with 34% for credit risk, 28% for regulatory risk, 24% for operational risk and 23% for market risk.

But PwC identified a gap in financial institutions' compliance operations in managing reputational risk. The survey found that fewer than one

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