Since 2009, Accenture has conducted regular in-depth research on risk management focused on leading financial institutions worldwide. This year’s study looks at how the risk function is responding to the challenges while creating and capitalizing on new opportunities to drive value for the business.
From the emphasis on crisis management in 2009, to today’s more integrated, fluid and maturing discipline, the latest research shows how the risk management function has made limited progress, with investment in three important dimensions.
Since 2009, our research has mapped the evolution of risk management. We’ve witnessed technology’s growing influence, the integration of risk management across the organization and the changing profile of the risk professional. Yet despite progress, according to respondents surveyed in our 2017 research, barriers persist and the potential of the function and people remains untapped.
Although facing challenges, the more effective risk functions have earned strategic influence in the organization and have been empowered to invest wisely in the overall development of the function. Analysis of the 2017 research reveals a number of distinctive behaviors among the most progressive risk practitioners.
Operate effectively across multiple areas of the business, coordinating risk activities in a consistent way.
are adopting a standardized model to manage market risk.
Adopt smart technologies, such as data analytics, RPA, cloud, with peer-leading efficiency and low reliance on legacy tools.
have a cyber risk management function that can effectively support the IT function, by accurately reporting cyber risks to the board.
Embed the right risk capabilities via a broad skills base and resources in key specialized areas.
say they are responding to cost pressures by aligning management and employee skills with the changing needs of the risk function.
While there are common global themes, the specific findings and priorities differ between sectors and across regions. Discover the key risk trends, behaviors and opportunities to unlock hidden value in your sector.
Discover how seismic change in capital markets is creating opportunities for risk professionals.