GRC Technologies in Banking and Capital Markets

Many banks and capital markets firms are dissatisfied with their current GRC technology platforms, according to our latest report, How Regulatory Reforms are Changing Governance, Risk Management, and Compliance in the Banking and Capital Markets Industry. The report, based on an online survey and executive interviews, looks at the impact of regulations such as the Dodd-Frank Act, Basel III and many others that have compelled financial organizations to re-allocate investments in processes, people, and technology.
Our research findings reveal that the current technology platforms to manage GRC are not effective and decision-makers are looking to invest in new GRC technologies. Although organizations believe that adopting a holistic approach to GRC is critical, very few firms currently have an integrated solution in place. There are several reasons but perhaps the most pressing is that the complexity and diversity of the banking and capital markets industries makes it difficult for firms to find a flexible and customizable integrated GRC solution. One interviewee told FSOkx that for large banks, it is difficult to find a vendor that completely understands the nature of the industry in the wake of regulatory reforms that provides flexible and customizable solution.
It’s a good point: The lack of truly integrated GRC systems in the market pinpoints the lack of expertise of technology vendors to address the evolving requirements of financial firms. There is a serious gap in supply and demand of integrated GRC systems, presenting opportunities for vendors.
Is your firm moving towards an integrated GRC platform? Why or why not? Let us know and be sure to download a copy of the free report at http://www.fsokx.com/ResearchData/PrivateLabResearchDetail.aspx?rdId=21… .