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Financial Risk Management Drowning by Reliance on Manual Processes
[Photo: ConnieDavisJohnson.com]
Two recent surveys reveal that financial services professionals are trending away from technology, weakening their grip in the fight against financial crime risks and the increasing burden of rules and regulations.
A survey by Nice Actimize, a risk and compliance services firm, revealed that 87% of financial services professionals believe their financial crime risk management processes and systems are only somewhat efficient - 56% have to spend at least 30% of their time on manual activities; 30% don’t use analytics when analyzing financial crime and compliance data. [2016 Financial Crime & Compliance Risk Mgmt Survey October 2016]
A survey by FISGlobal, a financial technology firm, revealed a compliance disconnect. While 77% of around 500 executives in commercial, investment banking and broker-dealer industries feel they will be “severely affected” by increased regulation in the next 2 years,-only 5% are boosting investment in compliance. [FIS Fortune Favors the Brave - The 5-Year Outlook For Sell Side]
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