Findings from a report by Deloitte showed that the figure will be twice as much as the amount spent on technology in 2006.
Many of the chief risk officers (CROs) questioned said that funds will be invested in ensuring risk systems meet requirements outlined in the Basel II and Solvency II capital standards.
The increase in investment is due in part to the impact of the financial crisis on companies, the report stated.
Martyn Jones, chairman of the corporate governance services group at Deloitte, said: âThe disparity between the risk management and governance measures that need to be put in place and the current reality must be tackled.
âIt is clear that financial institutions are investing more heavily in risk management, but some are struggling with the integration. The fundamental issue is around behavioural changes - without changes in attitudes and behaviour no framework will be truly effective.â
Further findings from the study revealed that 93 per cent of CROs have a risk strategy in place.
However, over two-thirds suggested that this influencing risk-taking behaviour.
By Jim Ottewill