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2015 Global
Risk Management Study
Industry: Banking
2
Key findings
2Copyright © 2015 Accenture All rights reserved.
Key challenges Signs of growth
5 key priorities
Risk Management in the Banking Sector
Bank respondents to the Accenture 2015 Global Risk
Management Study face 3 key challenges:
1 2 3
Tough
economic climate
Demanding
regulations
Competition from
digital innovators
41%
79%
14%
of respondent banks have higher risk
appetites for new product development.
think risk functions play a critical/important role
in enabling growth.
say they have achieved fully risk-based decision-
making.
1 2
3 4
New relationships
Risk management as an enabler to the business.
22%
of bank respondents
say risk and
finance work on
corporate strategy.
21%
say the CRO has very
frequent dealings with
the CIO and CTO.
Talent gaps
The war for specialized risk talent to intensify.
83%
of banking
respondents to grow
investment in risk
management capabilities.
37%
say understanding cyber
risk is a capability that
will be most in demand
in their risk function.
Operational risks
Driven by changes in the commercial landscape.
65%
of respondents expect
cyber risk to become
more severe.
59%
see strategic
risks increasing.
Robust risk culture
Respondent banks struggling to embed enterprise-wide.
11%
say they have
a consistent
risk culture.
37%
believe human
nature is stopping
this from happening.
5
Data and analytics
Low usage among surveyed banks.
9% say risk analytics is integrated
with strategic decision-making.
22% expect this integration
to occur in two years’ time.
75% have used analytics to address
business and market risks.
For more information, please visit: www.accenture.com/riskstudy2015
Source: Accenture 2015 Global Risk Management Study – Banking respondents
© 2015 Accenture. All rights reserved.
61%
of risk masters
believe their risk
function can play
a critical role in
enabling
profitable growth.
54%
of risk masters
believe they can help
enable this growth
“to a great extent”.
35%
of non-masters
report
the same view.
Around 1 in 10 respondents to the
Accenture 2015 Global Risk
Management Study are “risk
masters”.
10%
61%
of risk masters agree
strongly that emerging
risks, such as cyber and
digital, are consuming a
greater proportion of the
CRO’s time.
35%
of non-risk
masters feel
strongly
about this.
61%
of risk masters agree
strongly that they
employ dedicated
technology specialists
to help manage digital
risk.
27%
of non-masters feel
the same.
Stronger focus on profitable growth
Stronger focus on emerging risks Growing digital experience
For more information, please visit: www.accenture.com/riskstudy2015
Source: Accenture 2015 Global Risk Management Study – all respondents
What makes a risk master?
© 2015 Accenture. All rights reserved.
Better handle on regulatory and compliance
More extensive use of analytics
37%
of risk masters
believe strongly that
regulatory change is
receding in relation to
other requirements.
25%
of non-risk
masters see
regulatory
change receding
in the same way.
36%
of non-masters
feel the same.
More risk masters make extensive use of analytics to manage key risk categories
including
fraud and financial crime, cyber and IT risk, and credit, market and regulatory
risks.
Risk masters are also more likely to be investing heavily in digital technologies.
5
Contents
5Copyright © 2015 Accenture All rights reserved.
6
Contents
Copyright © 2015 Accenture All rights reserved.
A Our methodology
B Understanding the evolving environment
and context for risk management
1. Build relationships between risk management and other
areas of the bank
2. Invest in talent
3. Manage operational risks effectively
4. Cultivate a consistent, resilient and integrated risk culture
5. Accelerate adoption of analytics
C Bridging the gap
7
Our methodology
7Copyright © 2015 Accenture All rights reserved.
4th iteration of our Global Risk
Management Study (2009, 2011, 2013)
2015 Global Risk Management Study:
Paths to Prosperity
For the 2015 study, we surveyed
470 CFOs, CROs, CEOs, CCOs and
CDOs involved in their
organization’s risk decisions
Our respondents came from North
America, Europe and the Asia
Pacific regions
The survey focused on three
industry sectors: Banking, Insurance,
Capital Markets
In addition to the survey we conducted
50 qualitative client interviews
Introduction
Copyright © 2015 Accenture All rights reserved. 8
9
2015: Paths to Prosperity
9
Risk management continues to
make a crucial shift but choices
need to be made.
Seen as a collaborative partner to
enable business goals instead of
a controlling function to be
circumnavigated.
Copyright © 2015 Accenture All rights reserved.
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
We surveyed 470 C-suite officers across geographies and 12 countries
Study demographics
Copyright © 2015 Accenture All rights reserved. 10
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Country Geography Regional target Respondents
Australia
Asia
Pacific
150
30
China 30
Hong Kong 30
Japan 30
Singapore 30
UK
Europe 170
50
Germany 30
France 30
Spain 30
Italy 30
USA North
America
150
100
Canada 50
Total 470 470
Company size Total
Between US$1bn and US$5bn 235
Revenues over US$5bn 235
Total 470
Respondent Total
Chief Risk Officer 141
Chief Executive Officer 78
Chief Financial Officer 147
Chief Compliance Officer 28
Chief Operations Officer 31
Chief Data Officer/CIO 45
Total 470
Sectors Sector count Asia Pacific Europe North America
Banking 150 50 50 50
Capital Markets 170 50 70 50
Insurance 150 50 50 50
Total 470 150 170 150
11
Understanding the evolving environment
and context for risk management
11Copyright © 2015 Accenture All rights reserved.
Figure 1: Change in senior management’s appetite for risk
Section 1:
The new environment and context for risk management
Copyright © 2015 Accenture All rights reserved. 12
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Banking respondents have the greatest risk appetite for
new product development
• Also trending are greater risk appetite for growth and
expansion showing higher trend in mergers and
acquisitions, and joint venture risk appetite
• Higher risk appetite for digital transformation
technologies
Actions to Consider
• Integrate risk fundamentals across major corporate
initiatives
• Help strike the right balance between capital, risk and
return by positioning risk as a value-adding discipline
• Expand the reach of risk and risk data utilization to now
encompass sales and marketing
Greater risk appetite
Figure 2: Senior management’s approach to delivering regulatory change
programs
Section 1:
The new environment and context for risk management
Copyright © 2015 Accenture All rights reserved. 13
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Overall, the position of risk management within
surveyed banks is strengthening
• However, nearly two-thirds are primarily focused on
regulatory compliance
• Currently, there is increasing interest in gaining better
return from compliance activities
Actions to Consider
• Invest in the digital technologies that can help provide
new opportunities for both basic compliance
efficiencies, as well as the aspiration to go beyond
compliance functions
• Leverage compliance data to help provide greater
insight – via a virtuous cycle – improve or automate
processes and free up time for strategic activities
Figure 3: How senior management goes beyond regulatory compliance
Section 1:
The new environment and context for risk management
Copyright © 2015 Accenture All rights reserved. 14
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Nearly 60% of banking respondents reported that
senior management goes beyond regulatory
compliance
• Of these respondents, most report that it is used to
reorganize operating models to pursue strategic
business imperatives
• Overall, risk management is growing in maturity
Actions to Consider
• Assess where the risk function can proactively use its
influence in the business
• Focus development on “license to operate” issues, and
shift attention away from purely standalone regulatory
issues
• Topics may include geographic expansion, mergers
and acquisitions, and new product development
opportunities
Figure 4: Statement that best describes the stage of maturity of the
bank’s risk-based decision-making
Section 1:
The new environment and context for risk management
Copyright © 2015 Accenture All rights reserved. 15
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Bank respondents showing a fairly defensive position
as they continue to focus primarily on addressing
regulatory risk rather than adopting risk-based
decision-making
Actions to Consider
• Provide oversight across the business and “join the
dots” between strategic plans from different parts of the
organization
• Mirror the digital change impacts in the industry and
encourage an agile risk function that can adapt to the
pace of changes in the industry
9%
19%
22%
11%
20%
17%
14%
22%
27%
39%
1 2 3 4 5
Risk management
primarily focused on
regulatory needs/
license to operate
Risk management
mainly focused on
regulatory needs/
license to operate, but
some focus on broader
strategic risks
Fully risk-based
decision making with
strategic risk
management inputs
for major decisions
Today Two years’ time
16
Bridging the gap
16Copyright © 2015 Accenture All rights reserved.
To keep pace with industry challenges, urgent action across five
key areas should be considered
Bridging the gap
Copyright © 2015 Accenture All rights reserved. 17
Build
relationships
between risk
management
and other
areas of
the bank
Invest
in talent
Manage
operational
risks
effectively
Cultivate a
consistent,
resilient and
integrated risk
culture
Accelerate
adoption of
analytics
1 2 3 4 5
Figure 5a: Statement that best describes the stage of maturity of the bank’s risk
and finance interactions
Priority 1:
Build relationships between risk management and other
areas of the bank
Copyright © 2015 Accenture All rights reserved. 18
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Only a minority of banking respondents work closely
with finance to develop risk models
• Similarly, only a minority of risk executives contribute to
corporate strategy
• The largest gap between current and target behavior
lies in collaboration on corporate strategy and
Enterprise Risk Management steering activities
Actions to Consider
• Promote risk management as an enabler of business
goals, while maintaining a degree of challenge
between risk and other leaders
• Collaborate from onset on setting business objectives
• Leverage the most frequent interaction in the
C-suite – with the CEO – to help integrate across
the bank
Today Two years’ time
Finance and risk leaders do
not jointly provide input into
corporate strategy and
ERM (Enterprise Risk
Management) steering
Finance and risk leaders
have a close working
relationship, but do not
jointly provide input into
corporate strategy and
ERM steering
Finance and risk leaders
may at times be in
opposition on some issues,
but have a close working
relationship with both
providing input into
corporate strategy and
ERM steering
Figure 5b: The extent to which risk management has contributed to the
organization achieving the following
Priority 1:
Build relationships between risk management and other
areas of the bank
Copyright © 2015 Accenture All rights reserved. 19
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• According to banking respondents, the largest gap in
current/future collaboration between risk management
and finance lies in coordinating the development and
maintenance of risk and capital models
• Overall, there are aspirations for risk and finance to
collaborate on models that drive day-to-day business
decision making
Actions to Consider
• Start by assessing how day-to-day business decision
making around risk and capital models can become a
collaborative function
• Validate data and application of tools and processes
across both risk and finance
• Identify the key differences in perspectives and
reporting that drive decision making
Today Two years’ time
Risk and capital models are
developed largely
independently within the
risk and finance functions
Risk and finance coordinate
closely on the development
of risk and capital models,
but the outputs of these
models do not drive day-to-
day business decisions
Risk and finance coordinate
closely on the development
and maintenance of risk
and capital models, which
are used to drive day-to-
day business decision
making
Figure 5b and 5c: The extent to which risk management has contributed to the
organization achieving the following
Priority 1:
Build relationships between risk management and other
areas of the bank
Copyright © 2015 Accenture All rights reserved. 20
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Overall, the integration of risk and finance data sources
is in progress with additional organizational resources
being considered
• However, this integration is expected to decline slightly
in two years
• Large gap exists in current versus target use of
integrated data sources and other common resources
Actions to Consider
• Create an objective to make interaction between risk
and finance more seamless
• Prioritize speed and flexibility in the organization,
driven by risk and finance working together dynamically
• Continue to look forward, to keep pace with the velocity
of change; target strategic planning to support better
decision making
Today Two years’ time
Risk and finance data are
maintained separately and
other resources and
capabilities (e.g. modeling,
IT) are not used
Integration of risk and
finance data sources is in
progress, and other
organization resources and
capabilities are being
considered
Risk and finance use
integrated data sources,
and other organization
resources and capabilities
are used to enhance
efficiency
Risk and capital models are
developed largely
independently within the
risk and finance functions
Risk and finance coordinate
closely on the development
of risk and capital models,
but the outputs of these
models do not drive day-to-
day business decisions
Risk and finance coordinate
closely on the development
and maintenance of risk
and capital models, which
are used to drive day-to-
day business decision
making
Figure 6: The extent of the interaction between the CRO’s organization and other
executives
Priority 1:
Build relationships between risk management and other
areas of the bank
Copyright © 2015 Accenture All rights reserved. 21
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Of all the surveyed C-suite executives, the CRO is
most likely to interact with the CEO and CSO
• Interactions with the CCO are also frequent
• Board interaction ranks the highest in very frequent
interactions
• Interactions with the CMO are among the least
frequent
Actions to Consider
• Continue to build on the progress of risk from a purely
defensive role to a more collaborative business
relationship role
• Look to build stronger relationships with the CMO and
broader commercial functions
• Social media risk is a significant area of upcoming
challenge where CROs need to work closely with the
CMO
43%
25%
38%
20%
40%
24%
49%
25%
43%
28%
39%
21%
50%
25%
47%
37%
33%
24%
27%
47%
Very frequent Quite frequent
Figure 7: Rating the importance of the risk function as a means of achieving
the following
Priority 2:
Invest in talent
Copyright © 2015 Accenture All rights reserved. 22
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Top areas of importance among banking respondents
include enabling long-term profitable growth and risk-
adjusted performance management
• Compared to two years ago, the importance of
managing liquidity, capital allocation and reputation
management have all dropped
Actions to Consider
• Acknowledge that recruiting for skills that are broader
than core risk management capabilities will be
imperative and a challenge
• Consider core training and cross-training for innovation
and creative skill sets for existing risk professionals
75%
73%
79%
65%
67%
73%
84%
75%
100%
73%
75%
75%
83%
78%
73%
75%
79%
79%
79%
71%
2015 2013
Figure 8: The extent to which risk management has contributed to the
organization achieving the following
Priority 2:
Invest in talent
Copyright © 2015 Accenture All rights reserved. 23
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• According to banking respondents, risk has a more
strategically important role to play in managing the
increasing volatility of the economic and financial
environment
• Risk plays a significant role in enabling long-term
growth and improving capital allocation
• Most notable decline among respondents has been
infusing a risk culture in the organization
Actions to Consider
• Tie together the skill sets required to execute in a
greater risk agenda, within the context of a more
integrated risk and finance relationship
• Look to build connectivity beyond the finance
organization to work collaboratively to bridge the gaps
in existing and target capabilities
• Maintain the high level of core risk skills to maintain
current levels of contribution
84%
77%
83%
76%
81%
77%
95%
80%
84%
80%
73%
81%
86%
81%
78%
81%
81%
81%
83%
75%
2015 2013
Figure 9: Statement that best describes the stage of maturity of the bank’s
talent management
Priority 2:
Invest in talent
Copyright © 2015 Accenture All rights reserved. 24
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Internally, over a third of bank respondents say their
risk teams have a lack of key skills, such as
specialized modeling and emerging risks
• Only 13% say they have the internal resources,
including specialty skills, but respondents hope to
nearly double this in two years’ time
Actions to Consider
• Investment in understanding new technologies for risk
functions may need external resources; technology
advances may be at a faster pace than a bank’s ability
to train its staff
• Understand the impact of unstructured data in new
modeling and surveillance activities
Today Two years’ time
The risk team has
insufficient talent resources
to carry out the functions it
is asked to perform
The risk team lacks internal
resources in some
specialized areas
(modeling, emerging risks)
The risk team has internal
resources even in
specialized areas
(modeling, emerging risks)
Figure 10: The expected change to the total level of investment in risk
management capabilities in the next two years
Priority 2:
Invest in talent
Copyright © 2015 Accenture All rights reserved. 25
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Most bank respondents expect to increase their
investment in risk capabilities between 0-20%
• Nearly a quarter of the banks surveyed expect a
significant increase (>20%) in their total investment in
risk management capabilities
Actions to Consider
• Target investments to match the areas of key concern:
– Cyber risk
– Emerging digital technologies
– Analytics
– Social media
13%
60%
51%
0%
14%
0%
0%
35%
3%
23%
2015 2013
37%
33%
30%
29%
26%
25%
23%
19%
15%
13%
Figure 11: The skills and capabilities that will be most in demand by the risk
management function
Priority 2:
Invest in talent
Copyright © 2015 Accenture All rights reserved. 26
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• According to bank respondents, understanding cyber
risk and technology will be in most demand
• Data management is also a top sought after capability
• While social media is a top concern, the skill set ranks
below general business knowledge
Actions to Consider
• Broadening the skillset of today’s risk function will
mean competing with technology companies for a
similar talent pool
• Generalists with a good overview of different risk topics
should be given more consideration
• Consider developing talent by utilizing rotational roles
and cross-skilling
Figure 12: The types of expertise recruited in the past two years, and skills to be
recruited in the next two years
Priority 2:
Invest in talent
Copyright © 2015 Accenture All rights reserved. 27
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Cyber risk specialists are in high demand among bank
respondents. This will decrease as interest shifts to
business analysts, security specialists and fraud
experts
• Commercial skills are also high in demand now, in the
form of business analysts, strategic planners and
accountants
• Data scientists also show a spike in demand
Actions to Consider
• Increase the scope of the roles to integrate quantitative
skills with general business skills and problem solving,
so the risk organization can drive key discussions
• Understand that there will be a war for talent
• Use retention and development as additional
approaches to staff the business for desired risk skill
sets
29%
36%
29%
27%
33%
37%
47%
41%
37%
31%
35%
47%
49%
33%
49%
28%
42%
49%
50%
32%
40%
53%
55%
39%
Past two years Next two years
Expected change in severity of the key risks facing the business
Priority 3:
Manage operational risks effectively
Copyright © 2015 Accenture All rights reserved. 2828
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Banking respondent’s focus on growth priorities
means considering different business models,
for example:
– Omni-channel banking
– Digital businesses
• New business models and rewards means
understanding and mitigating new risks
– Cyber risk – almost two thirds of
respondents believe that this will become
more severe
– Fraud
Actions to Consider
• Assess current IT platforms – are they flexible
and agile enough to meet customer demands
from new digital channels now, or as they
evolve?
• Invest in IT infrastructure that can strengthen
operational risk capabilities
– Real-time indicators of limits, collateral
management
– Dashboards, smart alerts
– Security systems
• Align finance and risk functions to tackle
operational risks in an integrated fashion,
similar to how they collaborate on market and
credit risk management
• Approach cyber risk with a holistic framework
to eliminate historic silos of risk and IT security
Figure 13: Expected severity of the following risks facing the business over the
next two years
Priority 3:
Manage operational risks effectively
Copyright © 2015 Accenture All rights reserved. 29
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• According to banking respondents, cyber and IT risks
top the list of risks facing their business over the next
two years
• Fraud also ranks highly
• Traditional risks, such as credit, strategic, liquidity,
regulatory, business and legal still maintain high
severity levels
Actions to Consider
• Work collaboratively to eliminate traditional silos, such
as risk and IT security, to combat cyber and IT risks
effectively
• Use new digital tools to both monitor and measure the
parameters of fraud risk
• Take a holistic approach to traditional risks and use
tools to help gain an enterprise wide view of risks from
innovative new products
65%
62%
61%
59%
57%
57%
56%
56%
56%
55%
53%
52%
52%
50%
47%
42%
Increase
Figure 14: Statement that best describes the stage of maturity of the bank’s
risk culture
Priority 4:
Cultivate a consistent, resilient and integrated risk culture
Copyright © 2015 Accenture All rights reserved. 3030
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Risk culture maturity remains an area open to
improvement according to bank respondents
• Most have made some improvements, but nearly 40%
of respondents face issues in successful
implementation
• Only 11% of respondents have reached a strong level
of maturity, with over a quarter aspiring to the highest
level in two years
Actions to Consider
• Challenges will arise in new business models, such as
digital, omni-channel. Clear policies and procedures
should be consistent across existing businesses
• Rely on the principles of the “three lines of defense”
model and apply them contextually with risk oversight,
risk information and related flows of information
Today Two years’ time
We are at the early stages
of developing and
implementing a risk culture
We have made
improvements in
embedding our risk culture,
but we still have work to do
and face barriers to its full
implementation
We have a strong and
consistent risk culture that
is understood and
implemented across the
entire organization
Figure 15: The main obstacles to embedding a consistent, organization-wide
risk culture
Priority 4:
Cultivate a consistent, resilient and integrated risk culture
Copyright © 2015 Accenture All rights reserved. 3131
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Complex human nature, coupled with challenges
overcoming preconceptions and various departmental
silos are the biggest obstacles in implementing a single
risk culture according to banking respondents
Actions to Consider
• Reach across the business with leadership from the
risk function in training
• Measure risk culture and the degree that it is
embedded throughout the bank by looking at key
metrics – then align employee incentives to metrics.
Report results to board level
• Rethink organizational structure; benefits of centralized
versus embedded
Figure 16: Risk management’s use of data and analytics in addressing the
following types of risk
Priority 5:
Accelerate adoption of analytics
Copyright © 2015 Accenture All rights reserved. 32
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Cyber/IT risk and operational risks top extensive use of
data and analytics
• Moderate users of data and analytics include business
risks, IT selection, regulatory risks, liquidity risks and
market risks
• A minority of respondents see themselves as extensive
users of data and analytics, but as a group, aspire to
progress significantly
Actions to Consider
• Increase scope of data and analytics drive insight
across the organization, beyond the traditional strength
areas
• Leverage information used in managing cyber/IT risk
and operational risk data to inform IT investment needs
and data management strategies to be leading users of
the anticipated adoption curve
36%
24%
41%
30%
21%
42%
32%
38%
26%
43%
29%
42%
45%
25%
27%
43%
39%
33%
27%
45%
27%
48%
16%
46%
21%
40%
24%
35%
20%
39%
29%
29%
44%
31%
Extensive Moderate
Figure 17: Statements that best describe the stage of maturity of the
bank’s risk analytics
Priority 5:
Accelerate adoption of analytics
Copyright © 2015 Accenture All rights reserved. 33
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• 30% of respondents say senior management is a
passive user of risk analytics
• Nearly 40% of respondents say that risk analytics is
applied at least partly across the organization
• Overall, 38% of respondents report that data and risk
analytics is integrated into everyday operations of the
risk function
Actions to Consider
• Opportunities to improve exist in both the risk function
and at senior management levels
• Senior management can improve their proactivity in
using risk analytics to inform business decisions
• Risk functions can elevate the use of data and risk
analytics beyond everyday use to strategic, high-level
decision making
Now Two years’ time
Figure 18: Rating risk management’s level of expertise to influence strategy and
major decisions in the following areas
Priority 5:
Accelerate adoption of analytics
Copyright © 2015 Accenture All rights reserved. 34
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
Key Findings and Challenges
• Information/network security, big data and analytics,
are major areas of substantial functional expertise for
bank respondents
• Technology strategy is an important and significant
capability to influence strategy and decision making
• Cloud computing, mobility are also areas for significant
expertise
Actions to Consider
• Win the war for talent by recruiting and developing
skillsets in math, analytics and decision science
• Big data-driven analytics can make improvements in
decision making – if aligned with and tied to corporate-
level strategies
• Use “test and learn” innovation processes to explore
new ideas at high velocity
24%
4%
30%
41%
19%
6%
30%
45%
18%
4%
30%
48%
11%
1%
36%
51%
15%
0%
41%
43%
21%
2%
28%
49%
High Moderate Low Non-existent
3535
To learn more about the study and
to obtain your copy of the Banking
Report please go to:
www.accenture.com/banking-
riskstudy2015
Copyright © 2015 Accenture All rights reserved.
Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
36
An evolving landscape
36Copyright © 2015 Accenture All rights reserved.
2005 2015VS
Decisions informed by past events
Risk only outlook
Focused on credit, market and operational
risk
Narrow definition of operational risk
Clear demarcation between three lines of
defense
“Left brain” – quantitative; analytical approach
Prioritized control and prevention
Tactical attitude: centered on day-to-day risks
Spreadsheet-based management
Digital? What’s digital?
Looking forward, with “next day” thinking
Recognizing risk AND inherent opportunity
Aware of a growing range of emerging risks
More comprehensive definition of operational risk
Three lines of defense, with fluid interaction embedded in the
business
“Left AND right brain” – creative, innovative understanding
A balance of control, prevention, and enablement
Strategic awareness: focused on long-term business
challenges
Increasingly integrated data sources
Emphasis on digital risks and opportunities
The Risk Landscape
Risk management in 2025
Analytics now permeates decision
making
Companies are exploring robotics and
artificial intelligence to manage
transactional risks
Behavior prediction helps to effectively
inform risk management
Rise of the Chief Risk and Return
Officer
Risk management is the career path to
the C-suite
Single data source drives reporting and
analytics activities
For more information, please visit: www.accenture.com/riskstudy2015 © 2015 Accenture. All rights reserved.
Disclaimer:
This presentation is intended for general informational purposes only and does not take into account the reader’s specific
circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by
applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any
acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax
advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with more than 323,000
people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across
all industries and business functions, and extensive research on the world’s most successful companies, Accenture
collaborates with clients to help them become high-performance businesses and governments. The company generated
net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.
Accenture, its logo, and High Performance Delivered are trademarks of Accenture.
2015 Global Risk Management Study
Industry: Banking
Copyright © 2015 Accenture All rights reserved. 38

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Accenture 2015 Global Risk Management Study: Banking Report Key Findings and Insights

  • 1. 2015 Global Risk Management Study Industry: Banking
  • 2. 2 Key findings 2Copyright © 2015 Accenture All rights reserved.
  • 3. Key challenges Signs of growth 5 key priorities Risk Management in the Banking Sector Bank respondents to the Accenture 2015 Global Risk Management Study face 3 key challenges: 1 2 3 Tough economic climate Demanding regulations Competition from digital innovators 41% 79% 14% of respondent banks have higher risk appetites for new product development. think risk functions play a critical/important role in enabling growth. say they have achieved fully risk-based decision- making. 1 2 3 4 New relationships Risk management as an enabler to the business. 22% of bank respondents say risk and finance work on corporate strategy. 21% say the CRO has very frequent dealings with the CIO and CTO. Talent gaps The war for specialized risk talent to intensify. 83% of banking respondents to grow investment in risk management capabilities. 37% say understanding cyber risk is a capability that will be most in demand in their risk function. Operational risks Driven by changes in the commercial landscape. 65% of respondents expect cyber risk to become more severe. 59% see strategic risks increasing. Robust risk culture Respondent banks struggling to embed enterprise-wide. 11% say they have a consistent risk culture. 37% believe human nature is stopping this from happening. 5 Data and analytics Low usage among surveyed banks. 9% say risk analytics is integrated with strategic decision-making. 22% expect this integration to occur in two years’ time. 75% have used analytics to address business and market risks. For more information, please visit: www.accenture.com/riskstudy2015 Source: Accenture 2015 Global Risk Management Study – Banking respondents © 2015 Accenture. All rights reserved.
  • 4. 61% of risk masters believe their risk function can play a critical role in enabling profitable growth. 54% of risk masters believe they can help enable this growth “to a great extent”. 35% of non-masters report the same view. Around 1 in 10 respondents to the Accenture 2015 Global Risk Management Study are “risk masters”. 10% 61% of risk masters agree strongly that emerging risks, such as cyber and digital, are consuming a greater proportion of the CRO’s time. 35% of non-risk masters feel strongly about this. 61% of risk masters agree strongly that they employ dedicated technology specialists to help manage digital risk. 27% of non-masters feel the same. Stronger focus on profitable growth Stronger focus on emerging risks Growing digital experience For more information, please visit: www.accenture.com/riskstudy2015 Source: Accenture 2015 Global Risk Management Study – all respondents What makes a risk master? © 2015 Accenture. All rights reserved. Better handle on regulatory and compliance More extensive use of analytics 37% of risk masters believe strongly that regulatory change is receding in relation to other requirements. 25% of non-risk masters see regulatory change receding in the same way. 36% of non-masters feel the same. More risk masters make extensive use of analytics to manage key risk categories including fraud and financial crime, cyber and IT risk, and credit, market and regulatory risks. Risk masters are also more likely to be investing heavily in digital technologies.
  • 5. 5 Contents 5Copyright © 2015 Accenture All rights reserved.
  • 6. 6 Contents Copyright © 2015 Accenture All rights reserved. A Our methodology B Understanding the evolving environment and context for risk management 1. Build relationships between risk management and other areas of the bank 2. Invest in talent 3. Manage operational risks effectively 4. Cultivate a consistent, resilient and integrated risk culture 5. Accelerate adoption of analytics C Bridging the gap
  • 7. 7 Our methodology 7Copyright © 2015 Accenture All rights reserved.
  • 8. 4th iteration of our Global Risk Management Study (2009, 2011, 2013) 2015 Global Risk Management Study: Paths to Prosperity For the 2015 study, we surveyed 470 CFOs, CROs, CEOs, CCOs and CDOs involved in their organization’s risk decisions Our respondents came from North America, Europe and the Asia Pacific regions The survey focused on three industry sectors: Banking, Insurance, Capital Markets In addition to the survey we conducted 50 qualitative client interviews Introduction Copyright © 2015 Accenture All rights reserved. 8
  • 9. 9 2015: Paths to Prosperity 9 Risk management continues to make a crucial shift but choices need to be made. Seen as a collaborative partner to enable business goals instead of a controlling function to be circumnavigated. Copyright © 2015 Accenture All rights reserved. Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
  • 10. We surveyed 470 C-suite officers across geographies and 12 countries Study demographics Copyright © 2015 Accenture All rights reserved. 10 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Country Geography Regional target Respondents Australia Asia Pacific 150 30 China 30 Hong Kong 30 Japan 30 Singapore 30 UK Europe 170 50 Germany 30 France 30 Spain 30 Italy 30 USA North America 150 100 Canada 50 Total 470 470 Company size Total Between US$1bn and US$5bn 235 Revenues over US$5bn 235 Total 470 Respondent Total Chief Risk Officer 141 Chief Executive Officer 78 Chief Financial Officer 147 Chief Compliance Officer 28 Chief Operations Officer 31 Chief Data Officer/CIO 45 Total 470 Sectors Sector count Asia Pacific Europe North America Banking 150 50 50 50 Capital Markets 170 50 70 50 Insurance 150 50 50 50 Total 470 150 170 150
  • 11. 11 Understanding the evolving environment and context for risk management 11Copyright © 2015 Accenture All rights reserved.
  • 12. Figure 1: Change in senior management’s appetite for risk Section 1: The new environment and context for risk management Copyright © 2015 Accenture All rights reserved. 12 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Banking respondents have the greatest risk appetite for new product development • Also trending are greater risk appetite for growth and expansion showing higher trend in mergers and acquisitions, and joint venture risk appetite • Higher risk appetite for digital transformation technologies Actions to Consider • Integrate risk fundamentals across major corporate initiatives • Help strike the right balance between capital, risk and return by positioning risk as a value-adding discipline • Expand the reach of risk and risk data utilization to now encompass sales and marketing Greater risk appetite
  • 13. Figure 2: Senior management’s approach to delivering regulatory change programs Section 1: The new environment and context for risk management Copyright © 2015 Accenture All rights reserved. 13 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Overall, the position of risk management within surveyed banks is strengthening • However, nearly two-thirds are primarily focused on regulatory compliance • Currently, there is increasing interest in gaining better return from compliance activities Actions to Consider • Invest in the digital technologies that can help provide new opportunities for both basic compliance efficiencies, as well as the aspiration to go beyond compliance functions • Leverage compliance data to help provide greater insight – via a virtuous cycle – improve or automate processes and free up time for strategic activities
  • 14. Figure 3: How senior management goes beyond regulatory compliance Section 1: The new environment and context for risk management Copyright © 2015 Accenture All rights reserved. 14 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Nearly 60% of banking respondents reported that senior management goes beyond regulatory compliance • Of these respondents, most report that it is used to reorganize operating models to pursue strategic business imperatives • Overall, risk management is growing in maturity Actions to Consider • Assess where the risk function can proactively use its influence in the business • Focus development on “license to operate” issues, and shift attention away from purely standalone regulatory issues • Topics may include geographic expansion, mergers and acquisitions, and new product development opportunities
  • 15. Figure 4: Statement that best describes the stage of maturity of the bank’s risk-based decision-making Section 1: The new environment and context for risk management Copyright © 2015 Accenture All rights reserved. 15 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Bank respondents showing a fairly defensive position as they continue to focus primarily on addressing regulatory risk rather than adopting risk-based decision-making Actions to Consider • Provide oversight across the business and “join the dots” between strategic plans from different parts of the organization • Mirror the digital change impacts in the industry and encourage an agile risk function that can adapt to the pace of changes in the industry 9% 19% 22% 11% 20% 17% 14% 22% 27% 39% 1 2 3 4 5 Risk management primarily focused on regulatory needs/ license to operate Risk management mainly focused on regulatory needs/ license to operate, but some focus on broader strategic risks Fully risk-based decision making with strategic risk management inputs for major decisions Today Two years’ time
  • 16. 16 Bridging the gap 16Copyright © 2015 Accenture All rights reserved.
  • 17. To keep pace with industry challenges, urgent action across five key areas should be considered Bridging the gap Copyright © 2015 Accenture All rights reserved. 17 Build relationships between risk management and other areas of the bank Invest in talent Manage operational risks effectively Cultivate a consistent, resilient and integrated risk culture Accelerate adoption of analytics 1 2 3 4 5
  • 18. Figure 5a: Statement that best describes the stage of maturity of the bank’s risk and finance interactions Priority 1: Build relationships between risk management and other areas of the bank Copyright © 2015 Accenture All rights reserved. 18 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Only a minority of banking respondents work closely with finance to develop risk models • Similarly, only a minority of risk executives contribute to corporate strategy • The largest gap between current and target behavior lies in collaboration on corporate strategy and Enterprise Risk Management steering activities Actions to Consider • Promote risk management as an enabler of business goals, while maintaining a degree of challenge between risk and other leaders • Collaborate from onset on setting business objectives • Leverage the most frequent interaction in the C-suite – with the CEO – to help integrate across the bank Today Two years’ time Finance and risk leaders do not jointly provide input into corporate strategy and ERM (Enterprise Risk Management) steering Finance and risk leaders have a close working relationship, but do not jointly provide input into corporate strategy and ERM steering Finance and risk leaders may at times be in opposition on some issues, but have a close working relationship with both providing input into corporate strategy and ERM steering
  • 19. Figure 5b: The extent to which risk management has contributed to the organization achieving the following Priority 1: Build relationships between risk management and other areas of the bank Copyright © 2015 Accenture All rights reserved. 19 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • According to banking respondents, the largest gap in current/future collaboration between risk management and finance lies in coordinating the development and maintenance of risk and capital models • Overall, there are aspirations for risk and finance to collaborate on models that drive day-to-day business decision making Actions to Consider • Start by assessing how day-to-day business decision making around risk and capital models can become a collaborative function • Validate data and application of tools and processes across both risk and finance • Identify the key differences in perspectives and reporting that drive decision making Today Two years’ time Risk and capital models are developed largely independently within the risk and finance functions Risk and finance coordinate closely on the development of risk and capital models, but the outputs of these models do not drive day-to- day business decisions Risk and finance coordinate closely on the development and maintenance of risk and capital models, which are used to drive day-to- day business decision making
  • 20. Figure 5b and 5c: The extent to which risk management has contributed to the organization achieving the following Priority 1: Build relationships between risk management and other areas of the bank Copyright © 2015 Accenture All rights reserved. 20 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Overall, the integration of risk and finance data sources is in progress with additional organizational resources being considered • However, this integration is expected to decline slightly in two years • Large gap exists in current versus target use of integrated data sources and other common resources Actions to Consider • Create an objective to make interaction between risk and finance more seamless • Prioritize speed and flexibility in the organization, driven by risk and finance working together dynamically • Continue to look forward, to keep pace with the velocity of change; target strategic planning to support better decision making Today Two years’ time Risk and finance data are maintained separately and other resources and capabilities (e.g. modeling, IT) are not used Integration of risk and finance data sources is in progress, and other organization resources and capabilities are being considered Risk and finance use integrated data sources, and other organization resources and capabilities are used to enhance efficiency Risk and capital models are developed largely independently within the risk and finance functions Risk and finance coordinate closely on the development of risk and capital models, but the outputs of these models do not drive day-to- day business decisions Risk and finance coordinate closely on the development and maintenance of risk and capital models, which are used to drive day-to- day business decision making
  • 21. Figure 6: The extent of the interaction between the CRO’s organization and other executives Priority 1: Build relationships between risk management and other areas of the bank Copyright © 2015 Accenture All rights reserved. 21 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Of all the surveyed C-suite executives, the CRO is most likely to interact with the CEO and CSO • Interactions with the CCO are also frequent • Board interaction ranks the highest in very frequent interactions • Interactions with the CMO are among the least frequent Actions to Consider • Continue to build on the progress of risk from a purely defensive role to a more collaborative business relationship role • Look to build stronger relationships with the CMO and broader commercial functions • Social media risk is a significant area of upcoming challenge where CROs need to work closely with the CMO 43% 25% 38% 20% 40% 24% 49% 25% 43% 28% 39% 21% 50% 25% 47% 37% 33% 24% 27% 47% Very frequent Quite frequent
  • 22. Figure 7: Rating the importance of the risk function as a means of achieving the following Priority 2: Invest in talent Copyright © 2015 Accenture All rights reserved. 22 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Top areas of importance among banking respondents include enabling long-term profitable growth and risk- adjusted performance management • Compared to two years ago, the importance of managing liquidity, capital allocation and reputation management have all dropped Actions to Consider • Acknowledge that recruiting for skills that are broader than core risk management capabilities will be imperative and a challenge • Consider core training and cross-training for innovation and creative skill sets for existing risk professionals 75% 73% 79% 65% 67% 73% 84% 75% 100% 73% 75% 75% 83% 78% 73% 75% 79% 79% 79% 71% 2015 2013
  • 23. Figure 8: The extent to which risk management has contributed to the organization achieving the following Priority 2: Invest in talent Copyright © 2015 Accenture All rights reserved. 23 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • According to banking respondents, risk has a more strategically important role to play in managing the increasing volatility of the economic and financial environment • Risk plays a significant role in enabling long-term growth and improving capital allocation • Most notable decline among respondents has been infusing a risk culture in the organization Actions to Consider • Tie together the skill sets required to execute in a greater risk agenda, within the context of a more integrated risk and finance relationship • Look to build connectivity beyond the finance organization to work collaboratively to bridge the gaps in existing and target capabilities • Maintain the high level of core risk skills to maintain current levels of contribution 84% 77% 83% 76% 81% 77% 95% 80% 84% 80% 73% 81% 86% 81% 78% 81% 81% 81% 83% 75% 2015 2013
  • 24. Figure 9: Statement that best describes the stage of maturity of the bank’s talent management Priority 2: Invest in talent Copyright © 2015 Accenture All rights reserved. 24 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Internally, over a third of bank respondents say their risk teams have a lack of key skills, such as specialized modeling and emerging risks • Only 13% say they have the internal resources, including specialty skills, but respondents hope to nearly double this in two years’ time Actions to Consider • Investment in understanding new technologies for risk functions may need external resources; technology advances may be at a faster pace than a bank’s ability to train its staff • Understand the impact of unstructured data in new modeling and surveillance activities Today Two years’ time The risk team has insufficient talent resources to carry out the functions it is asked to perform The risk team lacks internal resources in some specialized areas (modeling, emerging risks) The risk team has internal resources even in specialized areas (modeling, emerging risks)
  • 25. Figure 10: The expected change to the total level of investment in risk management capabilities in the next two years Priority 2: Invest in talent Copyright © 2015 Accenture All rights reserved. 25 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Most bank respondents expect to increase their investment in risk capabilities between 0-20% • Nearly a quarter of the banks surveyed expect a significant increase (>20%) in their total investment in risk management capabilities Actions to Consider • Target investments to match the areas of key concern: – Cyber risk – Emerging digital technologies – Analytics – Social media 13% 60% 51% 0% 14% 0% 0% 35% 3% 23% 2015 2013
  • 26. 37% 33% 30% 29% 26% 25% 23% 19% 15% 13% Figure 11: The skills and capabilities that will be most in demand by the risk management function Priority 2: Invest in talent Copyright © 2015 Accenture All rights reserved. 26 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • According to bank respondents, understanding cyber risk and technology will be in most demand • Data management is also a top sought after capability • While social media is a top concern, the skill set ranks below general business knowledge Actions to Consider • Broadening the skillset of today’s risk function will mean competing with technology companies for a similar talent pool • Generalists with a good overview of different risk topics should be given more consideration • Consider developing talent by utilizing rotational roles and cross-skilling
  • 27. Figure 12: The types of expertise recruited in the past two years, and skills to be recruited in the next two years Priority 2: Invest in talent Copyright © 2015 Accenture All rights reserved. 27 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Cyber risk specialists are in high demand among bank respondents. This will decrease as interest shifts to business analysts, security specialists and fraud experts • Commercial skills are also high in demand now, in the form of business analysts, strategic planners and accountants • Data scientists also show a spike in demand Actions to Consider • Increase the scope of the roles to integrate quantitative skills with general business skills and problem solving, so the risk organization can drive key discussions • Understand that there will be a war for talent • Use retention and development as additional approaches to staff the business for desired risk skill sets 29% 36% 29% 27% 33% 37% 47% 41% 37% 31% 35% 47% 49% 33% 49% 28% 42% 49% 50% 32% 40% 53% 55% 39% Past two years Next two years
  • 28. Expected change in severity of the key risks facing the business Priority 3: Manage operational risks effectively Copyright © 2015 Accenture All rights reserved. 2828 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Banking respondent’s focus on growth priorities means considering different business models, for example: – Omni-channel banking – Digital businesses • New business models and rewards means understanding and mitigating new risks – Cyber risk – almost two thirds of respondents believe that this will become more severe – Fraud Actions to Consider • Assess current IT platforms – are they flexible and agile enough to meet customer demands from new digital channels now, or as they evolve? • Invest in IT infrastructure that can strengthen operational risk capabilities – Real-time indicators of limits, collateral management – Dashboards, smart alerts – Security systems • Align finance and risk functions to tackle operational risks in an integrated fashion, similar to how they collaborate on market and credit risk management • Approach cyber risk with a holistic framework to eliminate historic silos of risk and IT security
  • 29. Figure 13: Expected severity of the following risks facing the business over the next two years Priority 3: Manage operational risks effectively Copyright © 2015 Accenture All rights reserved. 29 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • According to banking respondents, cyber and IT risks top the list of risks facing their business over the next two years • Fraud also ranks highly • Traditional risks, such as credit, strategic, liquidity, regulatory, business and legal still maintain high severity levels Actions to Consider • Work collaboratively to eliminate traditional silos, such as risk and IT security, to combat cyber and IT risks effectively • Use new digital tools to both monitor and measure the parameters of fraud risk • Take a holistic approach to traditional risks and use tools to help gain an enterprise wide view of risks from innovative new products 65% 62% 61% 59% 57% 57% 56% 56% 56% 55% 53% 52% 52% 50% 47% 42% Increase
  • 30. Figure 14: Statement that best describes the stage of maturity of the bank’s risk culture Priority 4: Cultivate a consistent, resilient and integrated risk culture Copyright © 2015 Accenture All rights reserved. 3030 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Risk culture maturity remains an area open to improvement according to bank respondents • Most have made some improvements, but nearly 40% of respondents face issues in successful implementation • Only 11% of respondents have reached a strong level of maturity, with over a quarter aspiring to the highest level in two years Actions to Consider • Challenges will arise in new business models, such as digital, omni-channel. Clear policies and procedures should be consistent across existing businesses • Rely on the principles of the “three lines of defense” model and apply them contextually with risk oversight, risk information and related flows of information Today Two years’ time We are at the early stages of developing and implementing a risk culture We have made improvements in embedding our risk culture, but we still have work to do and face barriers to its full implementation We have a strong and consistent risk culture that is understood and implemented across the entire organization
  • 31. Figure 15: The main obstacles to embedding a consistent, organization-wide risk culture Priority 4: Cultivate a consistent, resilient and integrated risk culture Copyright © 2015 Accenture All rights reserved. 3131 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Complex human nature, coupled with challenges overcoming preconceptions and various departmental silos are the biggest obstacles in implementing a single risk culture according to banking respondents Actions to Consider • Reach across the business with leadership from the risk function in training • Measure risk culture and the degree that it is embedded throughout the bank by looking at key metrics – then align employee incentives to metrics. Report results to board level • Rethink organizational structure; benefits of centralized versus embedded
  • 32. Figure 16: Risk management’s use of data and analytics in addressing the following types of risk Priority 5: Accelerate adoption of analytics Copyright © 2015 Accenture All rights reserved. 32 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Cyber/IT risk and operational risks top extensive use of data and analytics • Moderate users of data and analytics include business risks, IT selection, regulatory risks, liquidity risks and market risks • A minority of respondents see themselves as extensive users of data and analytics, but as a group, aspire to progress significantly Actions to Consider • Increase scope of data and analytics drive insight across the organization, beyond the traditional strength areas • Leverage information used in managing cyber/IT risk and operational risk data to inform IT investment needs and data management strategies to be leading users of the anticipated adoption curve 36% 24% 41% 30% 21% 42% 32% 38% 26% 43% 29% 42% 45% 25% 27% 43% 39% 33% 27% 45% 27% 48% 16% 46% 21% 40% 24% 35% 20% 39% 29% 29% 44% 31% Extensive Moderate
  • 33. Figure 17: Statements that best describe the stage of maturity of the bank’s risk analytics Priority 5: Accelerate adoption of analytics Copyright © 2015 Accenture All rights reserved. 33 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • 30% of respondents say senior management is a passive user of risk analytics • Nearly 40% of respondents say that risk analytics is applied at least partly across the organization • Overall, 38% of respondents report that data and risk analytics is integrated into everyday operations of the risk function Actions to Consider • Opportunities to improve exist in both the risk function and at senior management levels • Senior management can improve their proactivity in using risk analytics to inform business decisions • Risk functions can elevate the use of data and risk analytics beyond everyday use to strategic, high-level decision making Now Two years’ time
  • 34. Figure 18: Rating risk management’s level of expertise to influence strategy and major decisions in the following areas Priority 5: Accelerate adoption of analytics Copyright © 2015 Accenture All rights reserved. 34 Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015 Key Findings and Challenges • Information/network security, big data and analytics, are major areas of substantial functional expertise for bank respondents • Technology strategy is an important and significant capability to influence strategy and decision making • Cloud computing, mobility are also areas for significant expertise Actions to Consider • Win the war for talent by recruiting and developing skillsets in math, analytics and decision science • Big data-driven analytics can make improvements in decision making – if aligned with and tied to corporate- level strategies • Use “test and learn” innovation processes to explore new ideas at high velocity 24% 4% 30% 41% 19% 6% 30% 45% 18% 4% 30% 48% 11% 1% 36% 51% 15% 0% 41% 43% 21% 2% 28% 49% High Moderate Low Non-existent
  • 35. 3535 To learn more about the study and to obtain your copy of the Banking Report please go to: www.accenture.com/banking- riskstudy2015 Copyright © 2015 Accenture All rights reserved. Source: Accenture 2015 Global Risk Management Study – Banking respondents. Access at: http://www.accenture.com/riskstudy2015
  • 36. 36 An evolving landscape 36Copyright © 2015 Accenture All rights reserved.
  • 37. 2005 2015VS Decisions informed by past events Risk only outlook Focused on credit, market and operational risk Narrow definition of operational risk Clear demarcation between three lines of defense “Left brain” – quantitative; analytical approach Prioritized control and prevention Tactical attitude: centered on day-to-day risks Spreadsheet-based management Digital? What’s digital? Looking forward, with “next day” thinking Recognizing risk AND inherent opportunity Aware of a growing range of emerging risks More comprehensive definition of operational risk Three lines of defense, with fluid interaction embedded in the business “Left AND right brain” – creative, innovative understanding A balance of control, prevention, and enablement Strategic awareness: focused on long-term business challenges Increasingly integrated data sources Emphasis on digital risks and opportunities The Risk Landscape Risk management in 2025 Analytics now permeates decision making Companies are exploring robotics and artificial intelligence to manage transactional risks Behavior prediction helps to effectively inform risk management Rise of the Chief Risk and Return Officer Risk management is the career path to the C-suite Single data source drives reporting and analytics activities For more information, please visit: www.accenture.com/riskstudy2015 © 2015 Accenture. All rights reserved.
  • 38. Disclaimer: This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with more than 323,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. 2015 Global Risk Management Study Industry: Banking Copyright © 2015 Accenture All rights reserved. 38