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September 08, 2010

Future State of Risk & Compliance 2010 global benchmark survey

Future State of Risk & Compliance 2010 global benchmark survey

Today PRMIA & Microsoft jointly released a 2010 survey on global trends and industry view of future of risk management and compliance.

Big thanks to all of you who participated in this and to the PRMIA team (Marietta Ruppe,Cheryl Buck,Janet Tritch, Steve Lindo,Geoff Kates) for their support and help to put it together.

This survey provides a benchmark to risk and compliance practitioners across both financial and non-financial sectors.

I was privileged to be involved in structuring this PRMIA survey in my pro-bono capacity. It was about defining the future vision, blueprint and game changers for next-generation risk management practices. The main tenet being to uniquely capture the broader pulse of the risk profession beyond specific regulations, and 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

I certainly look forward to your comments & feedback. We will be hosting a local Seatttle meeting to discuss this in next 2 weeks.
Sai Sireesh
co-RD,PRMIA Seattle

Posted by spachava at 02:42 PM | Comments (2)