BFSI: RiskTech to drive competitive edge
TCS-Chartis Research – Insights for banking, capital markets, and insurance
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Managing emerging risks in BFSI: an uphill battle
In the banking, financial services, and insurance (BFSI) sector, firms are struggling with emerging risks such as cyber, climate, operational resilience, and supply chain, among others.
While BFSI firms are constantly upgrading their models and infrastructures to accommodate new regulatory requirements, evaluating emerging risks poses big challenges. Diverse methodologies and a large number of vendors operating in this space further complicate the issue.
Our research focused on the state of RiskTech adoption in the BFSI industry and how firms can leverage it to better manage emerging risks and gain a competitive edge. We also examined how firms in the three sub-sectors of the BFSI industry—banking and financial services, capital markets, and insurance—are utilizing RiskTech in mitigating emerging risks. The research and analysis is contained in a series of four reports:
- BFSI report – an overarching view of key findings and recommendations. Download the full report
- Banking report – a deep dive into the banking results and the level of RiskTech adoption. Click here for more
- Capital markets report – a detailed analysis of how broker dealers and capital markets firms are using RiskTech. Click here for more
- Insurance report – an extensive review of the risk landscape and RiskTech adoption. Click here for more
Key findings: BFSI
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Key findings: BFSI
A changing risk environment
Structural barriers, new risks, challenges created by rapid digital transformation, and regulatory uncertainty in some areas have come together to create a continually shifting risk environment in the BFSI industry. Amid rising IT and cyber risks (over 80% regard them as ‘highly significant’, especially for data privacy and operational resilience), strategic risks, supply chain and climate risks as well as industry- and geographic-specific risks, firms are ramping up investments in an array of non-financial risk management tools.
Evolving Risks
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Evolving Risks
Obstacles in managing emerging risks
We asked BFSI firms about the main concerns they face in addressing emerging risks.
Top Challenges
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Top Challenges
RiskTech: now and future
BFSI firms have relied on technology to effectively address emerging risks. Yet, their adoption is not uniform across different types of risk. Further, GenAI implementations are largely limited to pilots indicating that there is much more to accomplish on the road to maturity.
Now and the Future
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Now and the Future
BFSI firms and regulatory bodies are equally focused on managing emerging risks though there is no consensus on methodologies, tools, and techniques as yet. In terms of RiskTech adoption and focus, emerging risk areas signal signs of maturity even as modeling, tools, and techniques are at an evolutionary stage.
About the research
TCS and Chartis Research jointly conducted a study of banking, financial services, and insurance (BFSI) organizations on emerging risk types and the role of RiskTech. We surveyed 152 BFSI firms, predominantly large and mid-sized firms, with a diverse institutional mix across the BFSI spectrum. Our interview respondents included CEOs, board members, chief risk officers (CROs), heads of IT risk and a range of other risk and regulatory leads.
To support our quantitative survey, we also conducted more in-depth qualitative interviews of 54 institutions spread across banking, capital markets, and insurance. These institutions are distributed across Europe, North America, and Asia.
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