Digitisation and globalisation will increase innovation and competition in the financial sector which is very positive. It will also create new threats to the financial system, such as cyber-attacks. Thus, the operational risks of yesterday are not the same as the operational risks of today and tomorrow. 2. Another threat to our financial system is the risk of a new financial crisis.
Second and adding to the complexity, both topics require new expertise. To develop a climate stress test, we first need to understand the different scenarios of global warming and how weather and climate phenomena would develop under them.