2019 was another year of great challenges and opportunities. The major risks businesses are and will be facing today and tomorrow are not the same as yesterday. Within this chapter we will share 10 types of risks and opportunities that we believe are relevant for the banking sector, shaped by this year’s mega trends and how they impact Garanti BBVA and our stakeholders.
Below mentioned risks and opportunities are addressed through a variety of hard and soft controls such as Garanti BBVA’s risk management approach and through initiatives carried out under the framework of material issues as explained in performance chapters and in the “Corporate Governance & Risk Management” section.
2019 MEGA TRENDS AND RISK DRIVERS
BUSINESS (1)
- Customer Empowerment
- The Future of Work
- Competition for Talent
- Transparency
- Efficiency
- Transition Risks (Regulatory Landscape)
- Empowered Women
- Next-Gen Workforce
- Social Media
- Connectivity
- Agile Transformation
- Rise of Individual Choice
ECONOMY (2)
- Sustainable Finance
- Inclusive Capitalism
- Financial Health & Inclusion
- Sharing Economy
- Circular Economy
- Globalization
SOCIETY (3)
- 21st Century Skills Gap
- Sustainable Development
- Growing Inequalities
- Forced Migration
- Food Security
- Entrepreneurship
- Cultural Convergence
- Emergence of Public Opinion as Revolutionary Force
- Rise of the Individual
- Megacities
- Dynamic Population
- Prosumerism
ENVIRONMENT (4)
- Climate Urgency
- Extreme Weather Events & Natural Disasters
- Resource Scarcity
- Environmental Awareness
TECHNOLOGY (5)
- Automation
- Big Data, IoT & AI
- Cloud
- Cybersecurity
- Blockchain & Cryptocurrencies
- Data Privacy & Responsible Use of Data
- Digitalization
- Increased Connectedness & Decreasing Privacy
BUSINESS ENVIRONMENT
(1) (2)
CONTRIBUTION TO SUSTAINABLE DEVELOPMENT
(2) (3) (4)
CLIMATE CHANGE ADAPTATION
(3) (4)
GROWING INEQUALITY
(1) (3)
SUPPORTING ENTREPRENEURSHIP
(1) (3)
DIGITAL TRANSFORMATION
(1) (5)
FINANCIAL HEALTH & INCLUSION
(1) (3) (5)
THE FUTURE OF WORK
(1) (3) (5)
21ST CENTURY SKILLS GAP
(3)
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CONTENTS
CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT
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