Quantifi, a provider of risk, analytics and trading solutions, today published the results of a recent survey ‘Banking Risk Management System Trends’. The global survey of Chief Risk Officers and Heads of Risk Systems from tier-2 banks, offers insight into their current risk management environment, the technology they employ, and how they are planning for the future.
“Banks face new challenges and conventional methods of risk management are no longer sufficient, forcing banks to seek out more advanced solutions.”
Rohan Douglas, CEO, Quantifi
In recent years, technology has played a central role in enhancing the efficiency and effectiveness of risk management practices. For example, the integration of advanced analytics, artificial intelligence, and machine learning has enabled banks to analyse vast amounts of data in real-time, helping to detect risks more accurately, and swiftly respond to them. Some banks have already put cutting-edge technologies to use and serve as strong examples of what can be achieved and how to create strategic distance from competitors. Key survey findings:
- Regulation, compliance and reporting dominates – this is a top challenge across all regions. Counterparty risk and geopolitical risk are significant concerns, especially in North America.
- Fragmentation of systems and technology complexity is a challenge globally. Availability of accurate data is another, with concerns about consistency between front and middle office models in Europe.
- Budget changes – banks across all regions are looking to increase technology budgets by 1-15%.
- Automating manual processes, enhancing analytics, and building scenario analysis are key areas of transformation.
- Banks express concerns about outdated technology, ineffective data usage, and difficulties in identifying specific technologies to achieve strategic goals.
Trusted by 5 of the 6 largest investment banks, Quantifi’s enterprise risk solution is a real-time platform that supports cross-asset trading, front-to-back operations, position and risk management (market, credit, counterparty, and liquidity risk), limit management, and regulatory reporting. An integrated analytics library generates results matching top-tier banks for even the most complex derivatives. Quantifi’s cloud-centric data science-enabled solution optimises operations for greater flexibility, scalability, and agility.
“The survey highlights how the interplay of global events, macroeconomic shifts and disruptive technology have reshaped how banks operate,” comment Rohan Douglas, CEO, Quantifi. “Banks face new challenges and conventional methods of risk management are no longer sufficient, forcing banks to seek out more advanced solutions. At Quantifi, we understand these challenges and help clients address these issues head-on. Quantifi is more than just a technology provider – we are partners in progress, dedicated to driving innovation and success in the banking sector.”