More than one-third of financial services firms recently surveyed by Deloitte say they are concerned about the data quality and management capabilities of their risk management systems. Deloitte spoke to 86 chief risk officers at various financial services organisations for its eighth biennial Global Risk Management survey and found 40 per cent of respondents expressed their concerns around these issues. Only a small group of financial services organisations (less than 25 per cent) are completely happy with their risk management systems, indicating that they were ‘extremely’ or ‘very effective’. According to the survey, 70 per cent of respondents consider their risk management systems to be extremely or very effective at managing credit risk, with 68 per cent saying their systems are more than capable of managing market and liquidity risk. However, ‘cross asset class’ risk calculations ranked poorly in effectiveness as only 19 per cent claim their systems are more than capable in doing this. Enterprise-wide stress testing based on economic scenarios also ranked poorly in effectiveness (23 per cent). When it comes to risk data strategy and infrastructure, only 18 per cent of financial services organisations globally consider their systems to be more than effective in managing their data marts/warehouses, with less than 25 per cent claiming they are fully satisfied with how their systems help with data maintenance, standards and processes. “Eighty per cent of financial services’ boards are now actively approving and providing direction on risk policy and risk appetite,” said Peter Matruglio, Deloitte Financial Services Risk leader. “They are demanding more information and clarity on the risks associated with executive decision making, operational processes, and reporting,” he said. “Australian organisations are looking to update their risk systems, not just from a standalone perspective, but more importantly to integrate them with their finance and other management systems. As Australian institutions upgrade their core systems, the time is opportune to consider integrating risk modules and systems into the new operating platforms.” Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Related content BrandPost The future of trust—no more playing catch up Broadcom: 2023 Tech Trends That Transform IT By Eric Chien, Director of Security Response, Symantec Enterprise Division, Broadcom Mar 31, 2023 5 mins Security BrandPost TCS gives Blackhawk Network an edge with Microsoft Cloud In this case study, Blackhawk Network’s Cara Renfroe joins Tata Consultancy Services’ Rakesh Kumar and Microsoft’s Nilendu Pattanaik to explain how TCS transformed the gift card company’s customer engagement and global operati By Tata Consultancy Services Mar 31, 2023 1 min Financial Services Industry Cloud Computing IT Leadership BrandPost How TCS pioneered the ‘borderless workspace’ with Microsoft 365 Microsoft’s modern workplace solution proved a perfect fit for improving productivity and collaboration, while maintaining security of systems and data. By Tata Consultancy Services Mar 31, 2023 1 min Financial Services Industry Microsoft Cloud Computing BrandPost Supply chain decarbonization: The missing link to net zero By improving the quality of global supply chain data, enterprises can better measure their true carbon footprint and make progress toward a net-zero business ecosystem. By Tata Consultancy Services Mar 31, 2023 2 mins Retail Industry Supply Chain Green IT Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe