Quantifi has published a global survey of Chief Risk Officers and Heads of Risk Systems from tier-2 banks, which offers insight into their current risk management environment, the technology they employ, and how they are planning for the future.
Key survey findings:
- Regulation, compliance and reporting dominates – this is a top challenge across all regions. Counterparty risk and geopolitical risk are significant concerns, especially in North America.
- Fragmentation of systems and technology complexity is a challenge globally. Availability of accurate data is another, with concerns about consistency between front and middle office models in Europe.
- Budget changes – banks across all regions are looking to increase technology budgets by 1-15%.
- Automating manual processes, enhancing analytics, and building scenario analysis are key areas of transformation.
- Banks express concerns about outdated technology, ineffective data usage, and difficulties in identifying specific technologies to achieve strategic goals.
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