Systemic risks are an economic phenomenon that is especially viewed after the global crisis in 2008. Previously they were watched, but they were not in focus of observation as they are now. The goal of observing systemic risks is to detect and prevent a possible crisis and mitigate its effects if it comes to it. The financial system of the past years has experienced the processes of globalization, financial liberalization and integration and ever-faster technological progress. It is financial liberalization that has become one of the sources of systemic risk, integration has increased its reach, and technological development and new financial products are expanding it. System risk is defined in many ways. All definitions have a common view of systemic risks as a series of adverse events that can cause instability in the financial system. Systemically important institutions have the greatest influence on the spread of systemic risks, since difficulties in their operations can be “spilled over” to other institutions, and thus to the entire economy. We can measure systemic risks using indicators and models. This paper presents an analysis of the effects of the systemic crisis on the financial systems of the United States of America and the European Union and the regulatory frameworks put in place to address system deficiencies. The US financial system has recovered faster from the impact of the global crisis, while in Europe slower economic growth and low bank profitability are slowing its return to pre-crisis levels. In the Republic of Croatia, the risk of systemic risks is moderate. The high concentration of the banking system and the large exposure of banks to the state represent the greatest threat to maintaining the stability of the financial system. Profitability of banks, capital adequacy and liquidity are satisfactory.