Nearly nine in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and fraud, according to a new report from Accenture.
The Accenture 2015 Global Risk Management Study – based on a survey of more than 450 senior risk-management executives in the banking, capital markets and insurance industries – found that 86 percent of respondents said their organizations plan to increase their investment in risk-management capabilities in the next two years, with one in four (26 percent) planning to increase it by more than 20 percent. In addition, three in 10 respondents (29 percent) said their companies plan to increase by more than 20 percent their investment in Cloud/Software-as-a-Service (SaaS) and big data and analytics.
The report found clear evidence of the increasing impact that cyber security and fraud is having on financial services firms’ business and the risk-management function in particular. For instance:
More than one-third (34 percent) of respondents said that understanding cyber risk will be the most-needed capability in their risk function.
Nearly two-thirds (65 percent) of respondents said that cyber/IT risk will have an increased impact on their business in the next two years, with 26 percent saying that the increase would be significant.