Sai Sireesh: Future State of Risk & Compliance 2010 - Global Benchmark Survey
Today, September 8, 2010, PRMIA (Professional Risk Managers International Association) and Microsoft jointly released a 2010 survey on global trends and industry views of the future of risk management and compliance. The survey provides a benchmark to risk and compliance practitioners across both financial and non-financial sectors. In addition, it is one of many initiatives by Microsoft and PRMIA to drive risk and compliance industry thought leadership.
Having personally led the PRMIA initiative in a pro-bono capacity, this survey was about defining the future vision, blueprint and game changers for next-generation risk management practices. The idea being to uniquely capture the broader pulse of the risk profession beyond regulations, which included future vision, game changers, productivity, and a generational shift in talent pool and technology. The survey responses clearly confirm the global demand for easy-to-use automation and analytics, and validate the focus on solutions that automate and simplify governance, compliance and risk management.
As per responses, a sign of the enhanced work pressures and real-time turnaround is being reflected in a consistent focus on productivity and efficiency in Risk and Compliance functions across many areas to save valuable time and effort. Responses also indicated a shared vision towards enhanced productivity and efficiency in future risk and compliance workflows. There is a clear sense of pain around being asked to “do more with less.” Most respondents expressed a future vision where they are able to spend more time on strategic and proactive risk mitigation activities, rather than on time consuming tactical tasks like data aggregation.
On technology front - ease of use, flexibility, self-serve and integration with current environment were key expectations, along with the need for enhanced decision support, predictive analytics and high performance computing in the processes. Also implicit was the role of technology enablers to enhance productivity and efficiency in the workplace. Tools like risk computing via cloud start to become real.
On potential game changers, being an open ended question, there was a predictably a wide range of response. The top “categories” of game changers were new regulatory concepts, risk approach and next generation risk computing. Whilst I will cover the detailed results in next few blogs, some of the key areas covered in the benchmark survey are:
- Vision and pulse of the profession
- Empowerment and culture
- Generational shift in the risk talent pool & skills
- Future trends in Risk and Compliance
- Future vision of a Risk and Compliance workplace
- Budgets, Investment Expectations
- Technology predictions
- Game changers
The survey is available for download by PRMIA members from https://www.prmia.org/
You can also request a copy via this blog. I certainly look forward to your comments & feedback.