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Evaluating Risk Is Now Part of Bankers’ Daily Lives 

June 26, 2014
James Sterngold, MoneyBeat

Banks have faced heavy regulatory pressure since the financial crisis to “de-risk.” They have empowered their chief risk officers to get involved in strategic decisions, hired more risk managers and searched for vulnerabilities in new areas, from cyber attacks to problems with vendors.

They are also spending heavily on sophisticated computer systems needed to monitor and assess all their risks. Chartis Research, a London-based firm that focuses on risk management and compliance issues, found in a survey published in October last year that North American financial institutions expect their spending on information technology to increase by 16% to $10.8 billion in 2015 from 2014.

One of the fastest-growing shares of that spend will focus on banks’ efforts to protect themselves from financial crimes and especially cybercrime, said Peyman Mestchian, Chartis’s Managing Partner.

Read More: MoneyBeat

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