Risk Outlook for Banking: Calmer Times
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2016 will see continued focus on cyber-security and compliance management, and the emergence of digital risk as a top concern for the regulators and, therefore, the banks.
Celent’s report Risk Outlook for Banking: Calmer Times identifies the top risk management concerns and trends facing the banking industry. Celent believes it is the year banks will get to grips with management of cyber-security and take control of how cyber-crime is perceived in the banking industry. Banks will employ Regtech to become much smarter in their management of exhaustive compliance obligations, and will be in a position to influence the regulators as they begin to adapt regulations for digital distribution risks.
Celent predicts what will happen in banking risk management and warns banks what must happen.
“Banks are taking tighter control of risk issues by streamlining and operationalizing processes and controls across all risk types. That includes treating cyber-security as a form of operational risk,” says Joan McGowan, senior analyst with Celent’s Banking practice and author of the report. “Fundamental to their success is improved data quality, access to more pertinent data, data insights, and data sharing. The technology enablers are there; banks just need to be wise in how they invest and resource risk management.”
This 34-page report contains seven figures and three tables.