2017 Global Risk Management Study Financial Services

RISK POTENTIAL
REVEALED

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.

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GLOBAL RISK 2017
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KEY TRENDS IN 2017

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.

Deep integration of risk across the business

19%

of respondents say that their risk management activities are coordinated across specific lines of business.

TWEET
THIS

Harnessing smart
technology

13%

of respondents say they are highly proficient at using Robotic Process Automation (RPA)

TWEET
THIS

Risk talent
redefined

69%

say a skills shortage in new and emerging technologies impedes the effectiveness of the risk function.

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THIS

THE CHANGING RISK LANDSCAPE:
PAST, PRESENT AND FUTURE

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.

Achieving balance. The gap between risk and finance is slowly closing, but there is still more progress that needs to be made, according to our studies. Navigate your way through the tiles to discover why.

2009 Risk in silos. Only 15% had an integrated IT risk infrastructure. 2009 Accenture Global Risk Study.

2011 Towards a new risk culture. 84% said risk capabilities help engender a risk culture in the organization. 2011 Accenture Global Risk Study

2013 Direct line to the chief executive officer (CEO). 96% of risk owners reported directly to the CEO, up from 82% in 2011. 2013 Accenture Global Risk Study

2015 CRO at the executive table. 79% said the CRO is important to strategic planning decisions. 2015 Accenture Global Risk Study

2017 Still closing the risk-finance gap. 38% said finance and risk leaders work closely, but don’t input jointly to corporate strategy. 2017 Accenture Global Risk Study.

Harnessing technology
Technology in risk management has evolved over the years to drive innovation and strategic decision-making. Navigate your way through the tiles to discover how.

2009 Tech not fit for purpose
92% said that fragmented, inefficient IT systems are increasing the cost of risk management. 2009 Accenture Global Risk Study.

2011 Tech as newest strategic priority
77% reported extensive or significant need for analytics to address risk magnitude and frequency. 2011 Accenture Global Risk Study

2013 Systems integration still a barrier
Adoption of analytics growing but 45% said systems integration still a barrier. 2013 Accenture Global Risk Study

2015 Building analytical skills
Between 2013 and 2015, 45% of people were recruited as Data Analysts and Scientists. 2015 Accenture Global Risk Study

2017 The power of automation to come
Only 13% are realizing Robotic Process Automation’s (RPA) full potential. 2017 Accenture Global Risk Study.

Evolving Talent. Over the years, organizations have responded to the changing demand for specialized risk skills. Navigate your way through the tiles to discover how.

2009 Risk resources in short supply. 32% stated they see resources and talent as a significant challenge. 2009 Accenture Global Risk Study.

2011 Rising headcount. 53% planned greater headcount to enhance risk organization. 2011 Accenture Global Risk Study

2013 Lack of specialized tech skills
Risk technologists (64%), risk business and data analysts (62%) were skills in shortest supply. 2013 Accenture Global Risk Study

2015 Demand for data specialists
Data management (34%) and data analysis (32%) were anticipated as the skills most in demand. 2015 Accenture Global Risk Study

2017 Emerging tech capabilities
69% said shortage of skills in new and emerging technologies impedes the effectiveness of their risk management function. 2017 Accenture Global Risk Study.

BE A RISK LEADER

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.

Integrators

Operate effectively across multiple areas of the business, coordinating risk activities in a consistent way.

52%

are adopting a standardized model to manage market risk.

Smart Technologists

Adopt smart technologies, such as data analytics, RPA, cloud, with peer-leading efficiency and low reliance on legacy tools.

90%

have a cyber risk management function that can effectively support the IT function, by accurately reporting cyber risks to the board.

Multi-disciplinarians

Embed the right risk capabilities via a broad skills base and resources in key specialized areas.

59%

say they are responding to cost pressures by aligning management and employee skills with the changing needs of the risk function.

TAKE A CLOSER LOOK

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.