CRO and CCO offices are grappling with the digital age. They continue to face the mainstay factors of regulatory scrutiny and cost pressures. At the same time, they must navigate the new realities of industry structure changes, new business/service models, as well as the changes and risks wrought by digitization.

Key questions we get asked often recently are: How profound can digitization be for risk and control functions? What does “digital” look like especially in a risk and compliance context? And how do we see this (r)evolution in the next 3-5 years?

Here, I can provide a few perspectives, based on our recent studies and conversations with CROs and senior managers responsible for risk and control functions in financial institutions.