The external risk environment continues to become ever more complex. In the past decade alone, risk managers at financial services firms have had to contend with waves of comprehensive new regulation resulting from the financial crisis, confront increasingly sophisticated fraud and financial crime schemes, and grapple with the threat of business-crippling cyber-attacks – all while managing traditional financial and operational risks.
The pace of change shows no signs of slowing down, with technology evolving faster than risk managers’ ability to keep up. In our new study of nearly 700 risk management executives in the global banking, insurance and capital markets sectors, we found that nearly three-fourths (72%) of respondents confirmed that complex, interconnected and ever-changing new risks are emerging more rapidly than ever before.
To address on-going challenges to the bottom line and remain competitive against new entrants and the changing shape of customer needs, the financial services industry is rapidly embracing new technologies, to increase their effectiveness and be ever more connected and agile in how they operate.
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