Errors and Omissions Risks Faced By Financial Institutions
For your clients in the financial sector, mistakes are rare and costly. They could also damage the reputation of the financial institution they work for. Still though, even though mistakes are rare, they do happen. Nobody is immune to errors and omissions, and your financial sector clients are no exception.
Banks and other financial institutions are increasingly facing pressure to comply with regulatory mandates, strengthen balance sheets, and meet high customer demands. Accomplishing each of these objectives puts a strain on the resources that are needed to address and stay ahead of threated that target their networks, applications, and data. This raises cyber risks as well as errors and omissions risks, as strained resources often equate to mistakes.
Financial institution executives, board members, and administrators face heightened scrutiny by regulators, investors, and other stakeholders on a regular basis, which puts them under the microscope as they navigate a shifting risk landscape. Errors and Omissions exposures are continuously evolving as new legislation and regulation bring increased awareness of management practices and oversight, non-compliance or inadequate compliance.
The most common errors and omissions claims faced by the financial sector include breach of contract, negligence, and breach of fiduciary duty. Whatever role your client holds in the financial industry, it’s imperative that they have adequate protection for their own business and finances. An Errors and Omissions policy from PLRisk Advisors provides your clients with coverage that contribute toward legal defense costs, damage awards, and settlements. Please contact us to learn more at (855) 403-5982.