GAUGING THE MARKET
GEOPOLITICAL TENSIONS IS ON TOP LIST OF CONCERNS FOR UK FINANCIAL ORGANISATIONS
Protecht , a leader in risk and resilience software , has announced the findings of its UK 2024 Financial Services Risk and Resilience Outlook research . The comprehensive survey , conducted amongst 400 key UK financial organisations , reveals an industry landscape increasingly impacted by geopolitical risks , significant investment in operational resilience and the major opportunities presented by technological and data strategy alignment across the sector .
The survey , conducted across UK financial organisations of between 250 – 5000 employees , reveals that 26 % of respondents view geopolitical events , including the aftermath of Russia ’ s invasion of Ukraine and tensions between the US and China , as the most critical risk area for the sector . This was followed by the risks presented by liquidity and access to capital , which was the top concern for 24 %.
Tsambika Jeffries , VP , Enterprise Operational and Financial Risk , Zepz , said : “ The findings of the report do resonate for firms like ours ; geopolitical uncertainty can impact us around the globe and operational resilience has been a key area of focus . As a FinTech , we embrace new technology and are constantly striving to find ways to increase automation and efficiency . The benefits of AI could be considerable , as long as risks are carefully managed .”
A further key finding of the report is the strategic advantage that financial organisations can gain through aligning their technology and data strategies . In particular , the survey highlights the ongoing reliance on manual processes in risk management , with 24 % of respondents using manual processing for control evaluation and monitoring , 22 % for incident / loss event management , 21 % for policy management and 21 % for risk assessment . This reveals the potential for digitalisation to enhance efficiency and www . intelligentfin . tech
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