Deloitte Study Finds Increased Risk Management Tech Spend

The most stark result from the study is that 17 percent of overall participants expect a significant budget increase of at least 25 percent, much of which will focus on improving technology. Less than a quarter say that their data management, process architecture, workflow logic, or data governance platforms were 'extremely' or 'very' effective; meanwhile less than half consider their operational risk technologies similarly effective.

Deloitte points out that the latter sentiment remains mostly unchanged from 2010―though on specific risk measures including liquidity, credit, and sovereign risk, increased confidence was reported, as was the usage of enterprise risk management (ERM) platforms, now implemented by 62 percent. The survey also identified a growing disparity between small and large firms, with those topping $10 billion in assets subject to more regulatory scrutiny earlier, and therefore proving more prepared.

"Knowing that a number of regulatory requirements remain in the queue, financial institutions have to be able to plan for future hurdles while enhancing their risk governance, analytical capabilities, and data quality efforts today," says Edward Hida, Deloitte's global lead for risk and capital management services. "Those that do will be well placed to steer a stead course through the ever-shifting risk management landscape."

Survey particpants included CROs and senior risk managers at 86 financial institutions, with $18 trillion in combined assets under management.