Risk Management Standards for Financial & Tech Companies
- OUS Academy in Switzerland
- Jan 26
- 3 min read
This week, risk management rules for technology and financial companies are evolving rapidly. Both sectors operate in an increasingly complex environment, shaped by accelerated digital transformation and a growing range of threats, from cyberattacks to regulatory and compliance breaches. As an independent inspection body with long-standing experience in auditing and certification, PINO Switzerland recognises that strong, practical, and forward-looking risk management standards are becoming essential. These standards help organisations not only meet expectations, but also build resilience and earn the trust of stakeholders.
Converging Risks in the Financial and Technology Sectors
The risk profiles of banks and technology companies are becoming increasingly interconnected. Digital innovation has enabled new services such as open finance platforms, digital asset integration, and cloud-based operations. In regions such as the UAE, open finance initiatives are reshaping how banks operate, while simultaneously requiring robust security and risk frameworks to protect data, safeguard privacy, and ensure service continuity.
Although financial institutions and technology companies operate under different business models, they face many of the same risk categories:
Cybersecurity threats Persistent and increasingly sophisticated cyberattacks target data integrity, system availability, and infrastructure resilience.
Regulatory compliance New requirements related to stablecoins, digital services, and customer protection are increasing compliance complexity, particularly for fintech and digital payment providers.
Operational resilience Organisations must maintain continuity of operations despite rapid technological change or external disruptions.
Third-party reliance Growing dependence on external technology providers, data feeds, and cloud services introduces additional supply-chain and partnership risks.
Globally, a common set of expectations and standards is emerging to address these risks. This shift is influencing how organisations are expected to manage risk in a comprehensive and integrated manner.
Key Industry Standards and Frameworks
Effective risk management is no longer optional for organisations seeking long-term sustainability. Several widely recognised standards and frameworks are shaping how financial and technology companies design their risk programmes:
ISO 31000 – Risk Management Principles
ISO 31000 provides guidance on establishing and implementing risk management frameworks. It emphasises embedding risk awareness into decision-making and strategic planning at all levels of the organisation, ensuring leadership accountability and continuous improvement.
Digital Operational Resilience Act (DORA)
The Digital Operational Resilience Act and similar frameworks aim to harmonise expectations for digital service providers and financial entities. While originating in the European regulatory environment, its principles are increasingly influencing global approaches to managing ICT risks, incident reporting, and resilience testing.
Emerging AI Risk Guidelines
As artificial intelligence becomes more widely used in financial evaluation systems and technology products, new guidelines are being developed to support responsible AI use. These frameworks focus on governance, accountability, fairness, transparency, and lifecycle controls throughout AI deployment.
Practical Implementation and Best Practices
Many organisations struggle to translate risk management concepts into daily practice. Based on inspection activities, PINO Switzerland observes several common characteristics among organisations that manage risk effectively:
1. Leadership Responsibility
Senior leadership plays a central role in risk governance. Clear roles and responsibilities across boards and operational teams enable timely and informed decision-making when risks arise.
2. Proportionate Risk Frameworks
While standards provide general guidance, organisations must adapt their frameworks to reflect their size, market focus, and risk exposure. Scalable systems allow smaller innovators to grow responsibly while ensuring larger organisations maintain adequate oversight.
3. Integration with Business Processes
Risk management should not be isolated within compliance or IT functions. Integrating risk assessments into everyday activities such as project planning, procurement, and strategic initiatives improves visibility and preparedness.
4. Continuous Monitoring and Improvement
Risks evolve constantly. Ongoing monitoring, combined with regular audits and inspections, allows organisations to identify emerging threats early and adjust controls as needed.
5. Risk Culture and Awareness
An informed and engaged workforce strengthens organisational resilience. Clear policies, regular training, and open communication help employees understand their role in identifying and managing risk.
Why Risk Management Standards Matter More Than Ever
Recent global developments demonstrate that risk management standards are not static checklists. They are adaptable tools that must evolve alongside innovation. As financial services become increasingly digital and technology companies handle sensitive financial data and transactions, aligning with evolving risk management standards is critical for credibility, resilience, and sustainable growth.
At PINO Switzerland, certification and inspection programmes are supported through volunteer-based initiatives aimed at strengthening organisational practices against established risk management principles. Organisations are encouraged to view standards not merely as compliance requirements, but as instruments for operational excellence, stakeholder confidence, and long-term competitive advantage.
Comments