Intelligent Digital is here
A challenging combination of technological change, increased risk and regulation and heightened customer expectations requires a renewed focus on risk and resilience in its broadcast sense for financial services organisations.
Competitive advantage can be obtained through smart navigation of this risk environment. Cyber attacks, fraud and money laundering, the misuse of personal data, and complexity caused by multiple platform delivery and the growing use of open source in enterprise environments. Near immediate response times, backed by customer self-service as the default method for interaction, and leading to regulators responding with measures that grow more stringent every year.
To predict, protect and and prosper in this environment, financial institutions need to ensure – and prove – compliance in a cost-effective manner.
Advances in technology are impacting on organisations’ ability to manage financial risk on an enterprise and real-time basis; the ability to analyse vast quantities of data at speed will enable organisations to make better decisions and more efficiently meet risk and regulatory capital requirements.
Failures to core systems undermine the profitability of financial institutions, and as complexity and connectivity increase, so does risk; organisations need to understand which systems are truly critical and manage the risks associated with running and changing those systems accordingly.
And as cyber criminals and fraudsters become more knowledgeable about how financial markets work, they are shifting their focus from consumers to businesses where the prizes are more significant; financial institutions must be ready to utilise technology to ensure they can win the criminal arms race and avoid damage to share price, brand, dividends and long-term profitability.
We help our clients to better manage risk and compliance through technology, and enable them to respond to new risks and regulation arising from the ever evolving technology landscape.
UK Financial Services Technology Leader, PwC United Kingdom
Tel: +44 (0)7711 495 043