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.
âRisk 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