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Research · Industry research

Industry research

Each financial sector meets risk through different balance sheets, contracts and rules. Industry research at The Global Risks Alliance (GRA) analyses each sector on its own terms: insurance, banking, asset management, capital markets, private equity, institutional funds, development finance, sovereign capital, fintech and financial regulation. Analyses are kept distinct so that evidence for one sector is not stretched to another. They are listed here as they pass review and are released. This page belongs to research and intelligence.

Institution
The Global Risks Alliance (GRA)
Service level
R0: information and enquiries

Evidence grading

Industry research · Review wave 2

Two sources downgradedGRA · GRA

Certainty by criterion

0 low to 100 high

Higher is more certain. Values are placeholders.

Review queue

  1. R-1Exposures aggregatedsecond reviewer5 d
  2. R-2Readiness dossiers in progresssecond reviewer5 d
  3. R-3Triggers monitoredsecond reviewer6 d

GRA · Evidence gradingEvidence grading, in outline: domain structure with placeholder names and illustrative values, not a record.

01In brief

The short answer.

GRA industry research analyses each financial sector on its own terms: insurance, banking, asset management, capital markets, private equity, institutional funds, development finance, sovereign capital, fintech and financial regulation. Analyses stay distinct, describe a sector as a whole and never assess, rank or recommend any firm or constitute investment research.

02Canvas

Draft to published version.

Canvas · draft to published versionDesign, not a record
Industry research: systematic evidence synthesisA question is framed with its owner and a protocol registered; records are searched, screened and checked for eligibility by two reviewers; data are extracted, synthesised and graded for certainty before a brief is written. Design of the process, not a record of a run.

Fig.How a finding is reviewed before it is published. Design, not a record.

03Geography

Financial centres and urban exposure in the Rhine and the Alps.

The cities where people, assets and financial activity concentrate, shown for the Rhine and the Alps as an example geography for this subject.

The cities where people, assets and financial activity concentrate.Indicator derived from Natural Earth at map scale; a screening view, not an assessment.
GRA · institution · fieldDESIGN FIGURE
04Sectors

Ten sectors, ten distinct analyses.

SectorPlatformTypical research question
InsuranceInsurance NexusWhere is loss uninsured, and how does accumulation build?
BankingBanking NexusHow do physical and operational shocks reach credit portfolios?
Asset managementAsset Management NexusWhat does scenario evidence mean for each manager's own analysis?
Capital marketsCapital Markets NexusHow does disruption propagate through market structure?
Private equityPrivate Equity NexusWhich operational and supply-chain questions can owners ask of a holding?
Institutional fundsInstitutional Funds NexusHow do long-horizon liabilities meet long-horizon risk?
Development financeDevelopment Finance NexusWhat evidence do resilience programmes need for lender diligence?
Sovereign capitalSovereign Capital NexusHow do shocks reach public balance sheets?
FintechFintech NexusWhere do new technologies concentrate risk?
Financial regulationFinancial Regulation NexusWhat evidence may supervisors draw on for systemic risk?
05Frames

Each sector report names its own standard set.

SectorPrimary standards
InsuranceIAIS ICPs and ICS, Solvency II, IFRS 17
BankingBasel Framework, BCBS climate principles and disclosure framework
Asset management and fundsIOSCO principles, liquidity recommendations, IFRS S2, PCAF
PensionsOECD core principles, national funding rules
Market infrastructureCPMI-IOSCO PFMI
Development financeIFC Performance Standards, Equator Principles
Sovereign wealthSantiago Principles
Fintech and paymentsFATF Recommendations, PFMI, DORA
06Why distinct

One sector's evidence is not another's.

  • A loss that is a claim for an insurer is a credit event for a bank and a valuation change for an investor
  • Time horizons differ, from overnight liquidity to pension liabilities that run for decades
  • Data availability and reporting rules differ by sector and jurisdiction
  • Combining sectors without care can double-count losses or hide transfers between them

Cross-sector questions are handled explicitly, with transfers between sectors traced rather than assumed.

07Content of an analysis

What each sector report is designed to contain.

  1. 01

    Exposure channels

    How real-economy shocks reach the sector's balance sheets, with evidence labels.

  2. 02

    Evidence state

    What is observed, estimated, modelled or unknown, and the sources for each.

  3. 03

    Open questions

    What institutions in the sector would still need to know, written down openly.

  4. 04

    Limits

    Where the analysis does not apply, and what it does not assess.

08Boundaries and connections

Industry-wide, never firm-specific.

Industry research describes a sector as a whole. It never assesses, ranks or recommends any firm, and it is not investment research. Sector analyses may inform the Global Sector Risk and Resilience series of Nexus Reports, stewarded by The Global Centre for Risk and Innovation (GCRI). See also the specialist financial network and models and professional methods.

09Key terms

Terms used on this page.

Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.

TermDefinition
Concentration riskThe risk from dependence on a single provider or a small number of providers.
Investment adviceA personal recommendation on investments, a regulated activity in most jurisdictions.
Peer benchmarkingJudging a fund's performance against similar funds, which encourages similar allocations.
11Questions

Questions and answers.

Can a firm commission a sector report?
A sponsor may fund research, but cannot approve, delay, suppress or edit it, and funding grants no ownership of findings, as set out on conflicts, sponsors and neutrality.
Are sector reports available now?
They are listed here only once reviewed and released. At service level R0 the programme is being prepared.
Do sector reports name companies?
No firm is assessed or ranked. Publicly reported facts may be cited where relevant and labelled by source.
How do I suggest a sector question?
The Global Risks Alliance

Start with an enquiry.

The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.