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Still little technology use in Risk Management

I'm still at the Teradata show but I saw this interesting article - Despite Growing Concern to Manage Risk, Most Companies Struggle to Take Action - in which a recent survey was quoted. One quote, in particular, caught my eye:

"The use of technology in risk management appears to be in its infancy, with only a quarter of companies using technology to identify existing risk, project future risk, and reduce risk. More than a quarter of the survey's respondents don't leverage technology to enhance risk management," Hermanson said. "As the practice and implementation of risk management mature, more executives will recognize and rely upon technology solutions to provide the infrastructure of risk management."

Clearly the potential for executable, predictive analytic models and business rules management system technology is out there but it is not widely recognized by those who must take on critical risk management issues. There's more on this in the Compliance section of this blog and I think we can expect to see more of this. Encouraging stats from the same survey included that "23 percent expect to have a greater reliance on technology to monitor the effectiveness of internal controls". That's good but I can't help feeling that many companies are going to spend a lot of money, unecessarily, to manual manage processes they could automate.

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