Digitizing the Risk Back Office: Five Themes for Risk in 2023

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30 January 2023

The application of digital technologies to risk functions will be a central driver for strategic risk technology investment through 2023 and beyond.


Increasingly, risk offices at financial institutions are using advanced data management and artificial intelligence (AI), orchestration, high-performance computing, and cloud delivery to modernize risk functions. Risk transformation is being driven both by a need to support the risk challenges created by the growth of customer-facing digital financial services (such as cybersecurity and fraud) as well as by an imperative to leverage the new types of risk data, such as alternate data, being generated by an increasingly connected and digital world. Celent estimates that these strategic investments will help drive 10.5% annual growth in risk management technology, reaching US$148.0 billion in 2026.