The past 12 months have seen a number of major political changes in many Western democracies, notably the retirement of Angela Merkel in Germany, the forced “cohabitation” of president Emmanuel Macron with a left-wing coalition in France and, most recently, the replacement of UK prime minister Boris Johnson by Liz Truss.

The Covid-19 fallout differs considerably from the 2007-9 global financial crisis and is likely to force banks to once again rethink how they measure risk and the tools needed to do that job

Since banks have been highlighted as being ripe for digitisation, regtech vendors have focused on point solutions arising from the latest regulatory requirements, creating an archipelago of products that are difficult to understand and manage.