Friday, November 5, 2010

Data aggregation key to future risk technology...

Risk technology in the future will feature more automation and self-serve analytical tools. Allowing for more time to be spent on strategic and proactive risk mitigation activities rather than on time-consuming tactical tasks like data aggregation. However, obtaining risk data for management and board reporting continues to present many obstacles, including lack of effective tools for aggregation or analysis and the unavailability of the data.Recent research from Professional Risk Managers’ International Association (PRMIA) and Microsoft found that technology will play a vital role in increasing cross-company collaboration in risk management as well as enhancing productivity and efficiency in the workplace.As such, Susan Hauser, vice president of worldwide industry and global accounts for Microsoft, noted there had been an increase in efforts to help enterprises manage risk and meet compliance needs with solutions that automate and simplify governance, compliance and risk management.The research, which took in almost 1700 PRMIA members from around the world (84 per cent from financial institutions and 16 per cent from non-financial institutions), also found that the top skills identified by risk managers for future risk and compliance roles are deeper business knowledge, and quantitative and communication skills.The research, which examined global trends and perspectives on the future of risk management and compliance, found that risk professionals in both financial and non-financial institutions see also enterprise risk management as a trend that is important to future industry blueprints.Furthermore, financial institutions place a strong emphasis on liquidity risk buffers and stress testing, while non-financial firms focus more on operational risk and cash flow at risk.

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