Restoring trust in financial services

Singapore

THERE is no "future-proofing" the financial sector from fallouts such as the recent Archegos Capital collapse, but financial institutions can learn by re-examining the processes to identify and understand the flaws and risks that led to the saga, said a top executive from UBS.

"Be risk aware, but in my business you can't be risk averse. Occasionally, you get that (Archegos episode) in the financial sector because it is very competitive . . . there is over exuberance. But there is no future proofing of such issues," said Edmund Koh, president of UBS Asia-Pacific.