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A study by Accenture and Chartis Research reveals how technology can be a source of reputational risk as well as a tool for managing it effectively for financial institutions.
Financial institutions’ information technology (IT) expenditure is primarily driven by regulatory pressures. As a result, they are left with limited funds to invest in new technologies that could help create future competitive advantage. And just investing in IT does not lead to a win-win situation as it can have unintended consequences and involve multiple barriers toward actual benefit realization.
We believe that as financial institutions look at developing their IT infrastructure, they must carefully manage the trade-offs between the benefits of successful technology innovation and the inherent risks. There is no such thing as a risk-free technological solution—each comes with its own set of challenges.
We surveyed and interviewed 262 risk, compliance and technology professionals to get their insights into the correlation between enterprise risk management and IT. Survey demographics are as given below:
Some critical success factors and best practices can help realize the potential benefits of risk technology adoption and protect future investment in risk technology.
Steve Culp is the global managing director of Accenture Finance & Risk Services. Based in London, Culp has more than 20 years’ experience in strategy definition, risk management, enterprise performance management and delivering large-scale finance operations engagements. Previously, he was the global lead for Accenture Finance & Performance Management Consulting services for global banking, insurance and capital markets institutions.
Ian Sharratt is a managing director with Accenture Finance & Risk Services. He is the Technology lead for this group and is based in London. Sharratt specializes in large-scale finance and risk transformation projects and has been with Accenture for more than 10 years. Leading high-impact transformation engagements across the financial services industry, he helps clients perform evolutionary transformations to reduce cost, complexity and drive value through the adoption of enterprise-class applications and technologies.
December 19, 2013
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