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Accenture 2017 Global Risk Study: Capital Markets Summary

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Since 2009, Accenture has conducted regular research into risk management. The 2017 Global Risk Study reveals how continued evolution in capital markets presents new risks—as well as new opportunities. View the summary presentation. Learn more about Capital Markets results from the 2017 Global Risk Study: https://accntu.re/2w54j1R

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Accenture 2017 Global Risk Study: Capital Markets Summary

  1. 1. #RISKSTUDY2017
  2. 2. 2017 GLOBAL RISK MANAGEMENT STUDY Copyright © 2017 Accenture. All rights reserved. 2 IN ADDITION TO THE SURVEY WE CONDUCTED QUALITATIVE INTERVIEWS BANKING INSURANCE CAPITAL MARKETS The Accenture 2017 Global Risk Management Study is the fifth edition of our study first published in 2009. CFOs, CROs, CEOs, CCOs, CDOs who are involved in their organization’s risk decisions COMPANY SIZE 50% with global revenues or income between US $1bn & 5bn, 50% with revenues over US $5bn SURVEYED 475 each from Europe, North America, Americas and Asia-Pacific. This includes key markets such as the Canada, US, Germany, France, Italy, Spain, UK, Australia and Japan to enable analysis at country level 100 TO 200 RESPONSES FOCUSED ON THREE INDUSTRY SECTORS: Accenture 2017 Global Risk Management Study: Capital Market Report.
  3. 3. EVOLUTION OF RISK MANAGEMENT IN FINANCIAL SERVICES Copyright © 2017 Accenture. All rights reserved. 3 TECHNOLOGY TALENT INTEGRATION The risk function has evolved—from crisis management in 2009 to today’s more integrated, fluid and maturing discipline. We’ve witnessed technology’s growing influence, the changing profile of the risk professional and the integration of risk management across the organization. Despite progress, barriers persist. 2009 BEGINNING MATURITY CRISIS MANAGEMENT THE RISE OF DIGITAL COLLABORATION PARTNER DISCIPLINED, INTEGRATED 2011 2013 2015 2017 Technology as newest strategic priority Systems integration still a barrier Building analytical capabilities The power of automation to come Risk resource in short supply Rising headcount Lack of specialized technology skills Demand for data specialists Technology not fit for purpose Shortage in emerging technology capabilities Risk silos Towards a new risk culture Direct line to the Chief Executive Officer (CEO) Chief Risk Officer (CRO) at executive table Still closing the risk-finance gap For more details on the evolution of risk management, view our interactive timeline. Accenture 2017 Global Risk Management Study: Capital Market Report.
  4. 4. CAPITAL MARKETS RISK OUR 2017 FINDINGS 4 Our 2017 study finds that many capital markets firms are striving to adopt a proactive, fluid approach to risk management. But changes are necessary to keep pace with dramatic advances in technology and to address a set of new and emerging risk types. What risk challenges do capital markets firms face in 2017?* * Respondents were asked: “To what extent do the following challenges impede the overall effectiveness of your risk management function?” Data shows aggregated proportions selecting “to a great extent” and “to some extent.” Emerging risks: threat or opportunity? Copyright © 2017 Accenture. All rights reserved. CHALLENGES • Cyber Risk: 60% of capital markets respondents say cyber risk is having a greater impact on their institution than two years ago • Cloud: Respondents cite cyber attacks, data breaches and risk with third-party hardware as the biggest risks associated with cloud OPPORTUNITY • Some firms see third-party cloud services as far more secure than their own private clouds • Moving to the cloud forces certain behaviours such as encryption and tokenization of data TECHNOLOGY CHALLENGE OVERALL INVESTMENT BANKING ASSET MGMT WEALTH MGMT Increased velocity, variety and volume of data 71% 52% 79% 68% Disruption of business models from digital technologies 70% 71% 79% 59% TALENT CHALLENGE Shortage of skills in new and emerging technologies 61% 45% 70% 68% Shortage of core risk management talent and skills 60% 50% 60% 68% INTEGRATION CHALLENGE Lack of integration with other business functions, e.g. front office, operations, finance 56% 67% 56% 49% Accenture 2017 Global Risk Management Study: Capital Market Report.
  6. 6. THE PATH FOR RISK MANAGEMENT Copyright © 2017 Accenture. All rights reserved. 6 In an environment of low interest rates, narrow margins and increased capital requirements, capital markets firms are finding ways to simplify and innovate. Successful risk management strategies are those that achieve a productive balance across three key areas: technology, talent and integration. 1. SMART, NOT SHORT-TERM, TECHNOLOGISTS 2. TALENT GAP: EVOLVING SKILLS, SHORT SUPPLY 3. DEEP INTEGRATION OF RISK Strategic application of new technologies such as artificial intelligence (AI), cloud and big data, to drive value and improve risk outcomes Increasing the potential of people, new tools and legacy systems Stronger coordination of risk activities and integration between finance and risk, based on a foundation of common data Accenture 2017 Global Risk Management Study: Capital Market Report.
  7. 7. 1. SMART, NOT SHORT-TERM, TECHNOLOGISTS FROM EXPERIMENTAL TO ESSENTIAL Copyright © 2017 Accenture. All rights reserved. 7 New technologies, including machine learning, AI and robotic process automation (RPA), coupled with smarter ways of working, are key to a more flexible, proactive risk function. But capital markets respondents have not fully exploited these technologies. How advanced is your institution’s use of the following technologies?* * Respondents were asked “Thinking about the range of technologies that you use to support your risk management function, how advanced is your institution’s use of the following technologies?” (Base: 126 – capital markets) We are highly proficient in using this technology Starting to use to some extent Not using it and do not see the potential We use the technology for risk function but we’re not extracting full potential Not using it but see the potential Cloud Big data and analytics Collaboration and workflow tools Robotic process automation Artificial intelligence Machine learning 25% 36% 32% 23% 33% 33% 19% 36% 28% 15% 23% 34% 14% 26% 37% 8% 36% 31% 6% 8% 16% 19% 15% 20% 8% 5% 9% 1% 3% 1% Accenture 2017 Global Risk Management Study: Capital Market Report.
  8. 8. 1. SMART, NOT SHORT-TERM, TECHNOLOGISTS PREPARING THE GROUND FOR ROBOTS Copyright © 2017 Accenture. All rights reserved. 8 A minority of capital markets respondents describe themselves as “highly proficient” in using RPA Are relatively mature in their usage: using RPA to replace high-volume, low-value-added tasks • Reviewing disclosures • Scanning transactions • Assessing incident reports • Predicting risk exposures changes • Rapidly checking data quality 15% 58% Today, intelligent automation (RPA, machine learning and AI) is more experimental than embedded. Longer term, risk functions see deeper value from the use of more advanced intelligent automation. Accenture 2017 Global Risk Management Study: Capital Market Report. A MINORITY ARE HIGHLY PROFICIENT IN RPA FOR THOSE ADOPTING INTELLIGENT AUTOMATION TO SOME EXTENT LIST OF RPA AND AI APPLICATIONS IS EXPANDING
  9. 9. 1. SMART, NOT SHORT-TERM, TECHNOLOGISTS FROM AUTOMATION TO GENUINE INSIGHT Copyright © 2017 Accenture. All rights reserved. 9 To realize the full potential of intelligent automation, robots, technology and humans should be tightly aligned. Risk functions that learn to harness the power of AI can provide more transformational insights, along with greater speed of action. * Source: “The Future of Finance: More Data, Fewer People,” Institutional Investor, May 2, 2017. Access at: www.institutionalinvestor.com/article/3713883/banking and-capital-markets- banking/the-future-of-finance-more-data-fewer-people.html#.WWeBdmOx38s BUT SOME FIRMS ARE GOING A STEP FURTHER* A financial services institution is piloting a robot or virtual assistant that is programmed to answer basic compliance questions and is one of more than 20 robots operating across the company Its aim is to cut the number of calls to the bank’s compliance call center by 50% 14% Only a minority (14%) of capital markets respondents are using more advanced AI and machine learning tools to derive better outcomes from data Accenture 2017 Global Risk Management Study: Capital Market Report.
  10. 10. 1. SMART, NOT SHORT-TERM, TECHNOLOGISTS DATA ANALYTICS ON THE CUSP Capital markets firms have made significant investments in data analytics, setting up centralized processes to capture data and taking an enterprise- wide view of risks. Enthusiasm for data analytics is clear with 37% using it to a great extent to address cost pressures. But barriers persist. One-third are using the technology, but not to its full potential. That will happen, they believe, when analytics is more embedded into the risk management culture 1/3 66% 1/4 Only a quarter believe their risk functions are very prepared to meet the requirements for regulators to have access to high-quality and consistent risk data Risk data reporting is still overly reliant on legacy tools, with 66% saying legacy technologies impede effectiveness of the risk function Data lineage within many firms poor due to: • Complexity of capital markets data flows • Legacy systems • Multiple transformations and interventions NOT USED TO FULL POTENTIAL POOR DATA LINEAGE NOT PREPARED TO MEET REGULATORY REQUIREMENTS DATA REPORTING OVERLY RELIANT ON LEGACY TOOLS Accenture 2017 Global Risk Management Study: Capital Market Report.
  11. 11. 1. SMART, NOT SHORT-TERM, TECHNOLOGISTS CLOUD’S REVOLUTIONARY ROLE Copyright © 2017 Accenture. All rights reserved. 11 Capital markets institutions are embracing the cloud with clear enthusiasm. The adoption of the public cloud within large, global institutions suggests the debate over its primacy is over. CLOUD CAN CREATE SIGNIFICANT EFFICIENCIES AS WELL AS LARGE COST SAVINGS Capital markets firms actively exploring the cloud highlight risk management as an ideal test case because of the function’s need to process large quantities of data, together with the huge computational loads associated with complex internal and regulatory calculations CLOUD CAN REDUCE STRESS-TEST REPORTING RUN TIME One leading capital markets firm is using analytics tools and big data held in the cloud to reduce the run time of stress-test reporting from days to minutes SOME THIRD-PARTY CLOUD SERVICES HAVE BECOME VERY SECURE, EQUIVALENT TO AND POSSIBLY SUPERIOR TO CURRENT INFRASTRUCTURE This was observed by another capital markets firm. Moving to the cloud forced certain behaviours such as encryption and tokenization of data. Cloud providers also go to significant lengths to secure their data centers due to reputational risk “AS-A-SERVICE” CLOUD-BASED SOLUTIONS A PRIORITY Accenture 2017 Global Risk Management Study: Capital Market Report. Investment banks are exploring moving to “as-a- service” (aaS), cloud-based solutions as a priority
  12. 12. 2. THE TALENT GAP EVOLVING SKILLS, SHORT SUPPLY Copyright © 2017 Accenture. All rights reserved. 12 Capital markets leaders are looking to create teams that blend traditional risk management experience and commercial acumen with a deep understanding of new digital capabilities. But the search for a multi-talented team takes place against a backdrop of skills shortages. EVOLVING RISK FUNCTION • Increased knowledge of emerging risks like cyber, through greater third-party collaboration • The risk management mentality is one of value-enhancing collaboration • Becoming more multi-disciplinary in its approach • Has strengthened understanding of the wider commercial context SKILLS SHORTAGE 61% of respondents say shortage of skills in new and emerging technologies impeded the risk management function to a great extent and to some extent 32% say they lack internal talent in some specialized areas 26% say their risk function has insufficient talent to carry out the tasks it is asked to perform Accenture 2017 Global Risk Management Study: Capital Market Report.
  13. 13. 2. THE TALENT GAP MAPPING THE FUTURE Copyright © 2017 Accenture. All rights reserved. 13 Over the next year, capital markets respondents are prioritizing their capabilities in understanding emerging technology risk, data management and their ability to understand trends in the shift to digital business models. Priority risk management capabilities over the next year* * Respondents were asked “What are the priority risk management capabilities your institution plans to strengthen over the next year? (Base: 126 – capital markets) Accenture 2017 Global Risk Management Study: Capital Market Report. 54% 57% 44% 61% Understanding of emerging technology risks (e.g. cyber) Data management Understanding of key trends in our sector (e.g. shift to digital business models) Advanced mathematical and statistical knowledge (e.g. enhancing quantitative capabilities, actuaries and data scientists) Managing reputational risk associated with social media Broader commercial awareness Overall Capital Markets Asset Management Investment Banking Wealth Management 40% 45% 37% 40% 39%38%37% 42% 36% 43% 39% 26% 37% 37% 29% 34% 15% 28% 21% 21%
  14. 14. 3. DEEP INTEGRATION OF RISK INTEGRATION CHALLENGES Copyright © 2017 Accenture. All rights reserved. 14 Operating across multiple jurisdictions and locations, and the regional differences of risk teams, makes it challenging to integrate the risk function with the wider business. At the heart of the integration challenge is the problem of creating a common view of risk information. of respondents struggle to balance local and enterprise-wide risk priorities say lack of integration with other business functions impedes risk management effectiveness report duplication of effort in risk management across business lines 60% 56% 56%
  15. 15. 3. DEEP INTEGRATION OF RISK THE CONNECTED RISK FUNCTION Copyright © 2017 Accenture. All rights reserved. 15 Firms aspire to have a more integrated and connected risk management function that is positioned to make the most of processes, methods, skills, knowledge and solutions, while allowing operational sub-groups to exist where they are required. IN THE NEXT TWO YEARS expect risk management to be more centralized across all business lines, up from 20% currently expect finance and risk leaders to have a close working relationship including joint input into corporate strategy and enterprise risk management steering, up from 10% currently 44% 23% Accenture 2017 Global Risk Management Study: Capital Market Report.
  17. 17. FIVE SIMPLE BUT POWERFUL ACTIONS TO TAKE NOW Based on our research, in-depth consultations with capital markets risk leaders and our own observations, we have compiled a set of five actions that can help risk functions to rise to the challenges of continual regulatory change, rapid disruption from unprecedented technological innovation, emerging risks and geopolitical instability. DRIVE THE BUSINESS TOWARD DIGITAL & TECHNOLOGICAL INNOVATION FIND THE IDEAL BLEND OF SKILLS PUSH FOR TOP-LEVEL INTEGRATION Effective digital innovation depends on having the right strategic vision, strong governance, robust processes and great delivery technology Boost the risk management function by creating teams that blend traditional quantitative and analytical skills with creativity, technology acumen and industry knowledge Risk management is already becoming more integrated with finance and compliance, as well as the front office, but greater integration is often needed for a more holistic approach MOVE BEYOND DATA MANAGEMENT EMBRACE BUSINESS AND INDUSTRY TRANSFORMATION Risk talent should be engaged in information analysis, while automation and supporting professionals manage data quality, integrity, integration and technical issues The risk function should strive to be more commercially aware than ever in order to evolve its role to support the firm Copyright © 2017 Accenture. All rights reserved. 17Accenture 2017 Global Risk Management Study: Capital Market Report.
  18. 18. DOWNLOAD OUR CAPTIAL MARKETS REPORT NOW As the complexity of risk management in capital markets increases, the function should continue to adapt at pace and expand its remit. RISK FUNCTION’S FUTURE SUCCESS Or contact: Adam Markson: adam.markson@accenture.com Adrian Glatz (ASG): adrian.glatz@accenture.com Amit Gupta (North America): amit.a.gupta@accenture.com Ashley Davies (North America): ashley.davies@accenture.com Mark Wheaton (United Kingdom / Ireland): mark.wheaton@accenture.com To learn more, visit www.accenture.com/RiskStudyCapitalMarkets
  19. 19. ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network —Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 411,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com 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. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. Copyright © 2017 Accenture. All rights reserved. EXPOSED: THE HIDDEN VALUE OF RISK IN CAPITAL MARKETS ACCENTURE 2017 GLOBAL RISK MANAGEMENT STUDY