Banking Risk and Regulation, October 16, 2023
Risk management has the distinction of being one of financial services’ few growth areas, a major global survey has found.
Despite broader sector layoffs amid bank failures, 88% of financial institutions have either maintained headcount or increased it over the first six months of this year. Some 93% of the same firms polled said they had increased or maintained spend on new tech over the same period.
The risk management function is “particularly important” in an industry as highly regulated as financial services, says Jim Wetekamp, CEO of Riskonnect which published the findings. “Fines and other penalties for noncompliance are very real. Allowing the risk function to atrophy could be extremely costly, no matter what else is happening in the market.”
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