How the financial services sector manages and secures technology risk in disruptive times.
Disruptive innovations, such as blockchain. Increased regulatory attention on information technology (IT) risk culture. Competition from financial technology (Fintech) start-ups.
At KPMG in Canada's recent share forum for IT risk professionals in the financial services industry, IT Risk Management in the Disruptive World, one message came through loud and clear: Technology risk exposure at financial services organizations is currently high, and threats and regulatory pressures continue to mount. In an industry in which a system hack can wipe out millions of dollars and a service interruption can halt an economy, protecting technology infrastructure and securing data and information takes on critical importance.
Technology risk managers in the financial sector are under tremendous pressure. But they also have a prime opportunity to increase their prominence and add value to the organization. With a robust IT risk framework behind it, technology can be let loose to enable the core business and drive new growth.
So what are the key issues confronting financial services IT risk organizations? What tactics are leading companies using to identify and manage risk proactively and align controls and responses to the enterprise’s risk appetite and business goals?
To address these questions, we drew together IT risk professionals representing 70 percent of the largest financial services organizations, including investment banks, retail banks, commercial banks, insurance companies, asset managers, and government-sponsored enterprises.
The firsthand experiences and key insights they shared—which we highlight in this paper—shed light on the state of IT risk management (ITRM) in the financial services industry and revealed leading practices in securing technology operations amid unprecedented change and disruption.
Read the attached PDF to learn more.