Citi Private Bank has released a white paper focused on the increasingly prevalent privacy threats that wealthy families and their family offices are facing. The white paper also explains how they can identify, manage and mitigate those risks and can be accessed on the Citi Private Bank website here.
The white paper aims to provide family offices with an understanding of the types of privacy threats that can cause damage to a wealthy familys reputation and a three-step framework to help them tackle these challenges as part of a robust risk management program. This includes an audit of potential risks, assessment of the likelihood of a familys privacy being breached and the actionable steps that can be taken to mitigate risk for different scenarios wealthy families may encounter.
Without a global standard for privacy protection in a progressively digital world, it is becoming increasingly complex for our clients to safeguard the privacy of wealthy families. Many times, our clients daily activities can make them vulnerable to privacy breaches. We aim to provide family offices with simple but meaningful precautionary measures to address these risks and avoid reputational impacts, said Edward Marshall, Director, Global Family Office Group, Citi Private Bank, who authored the report.
Privacy is vital to wealthy families and family offices, said Bill Woodson, North American Family Office Group Head, Citi Private Bank. We strive to serve our clients by providing them valuable insights and guidance on issues impacting them. We hope our clients find the white paper informational and prompts them to consider their exposure to privacy threats.
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Citi Private Bank is one of the worlds fastest growing private banks; dedicated to serving worldly and wealthy individuals and families, providing customized private banking across borders. With approximately $460 billion in global assets under management, the franchise includes 48 offices, serving clients across 116 countries. Citi Private Bank helps clients grow and preserve wealth, finance assets, make cash work harder, preserve legacies, and serve family and family business needs through objective advice and a truly open architecture investment platform. The firm offers clients products and services covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, banking and aircraft finance, as well as art and sports advisory and finance.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Patricia Tuma, 212.793.7682
Private Bank Communications