Risk management technology is an increasing priority for Asia-Pacific banks, research shows
The majority of executives responsible for overseeing risk management technology in the Asia-Pacific region have increased investments in these solutions during the last 12 months, a new survey has revealed.
A study by IDC Financial Insight showed that 46 per cent of this figure has seen an increase in risk management spending between ten and 20 per cent over the course of the last year.
Important areas cited by respondents in the risk management study include identity theft surrounding card fraud, documentation for compliance and managing consumer credit risks, the report showed.
Li-May Chew, CFA, associate research director for IDC Financial Insights Asia/Pacific, said: "The finding suggests that while capital remains of paramount importance, banks are establishing a balance between driving business strategies and enhancing risk controls.
“Risk management technology spending remains vital, with progressive institutions making intelligent investments to capitalize on market opportunities, leapfrog hesitant competitors, and put themselves in good stead during the upturn."
Further findings showed that less than a third of respondents thought that investments in new business ventures had been cut in favour of developing risk strategies.
Chief risk officers were questioned as part of a forum organised by IDC Financial Insights.
By Jim Ottewill
View other announcements from
CompatibL and d-fine announce partnership
CompatibL, a recognised leading provider of risk management solutions, and d-fine, a European consulting firm handling complex technological and analy...
FundCount Wins Best Accounting Solution at Family ...
FundCount Wins Best Accounting Solution at Family Wealth Report AwardsMeets family office needs for a unified accounting, general ledger and reporting...
Bank of Abyssinia taps into Path Solutions to achi...
Path Solutions, a global provider of AAOIFI-certified software solutions and services for Islamic banks and financial institutions, today announc...