Two-thirds of respondents in a new joint survey between PARIMA and Marsh shows that risk managers are facing significant obstacles when seeking to upgrade a firm’s technology and security 

Cost concerns are constraining the efforts of risk managers looking to upgrade their firm’s risk management function, according to new research from PARIMA and Marsh. 

Results show 67% of all respondents to the Emerging Tech in Risk Management Survey 2017 cited that cost and budgeting concerns are the most significant obstacles that the risk function faces when risk managers seek to upgrade and digitise the risk function.

“Only about 17% of respondents stated that risk management is playing a front and centre role in making or informing business decisions,” said Rohan Bhappu, Managing Director, Asia Sales Leader at Marsh,

“As regulators push for increased risk oversight for both FS and non-FS companies, now is the time to change this – to push for more investment and support from the rest of the C-suite.”

Fully recognising that risk managers today have to address more serious and complex risks and disruptions while lacking buy-in and investment from upper management, Rohan said risk managers must leverage technology advancement.

“Targeting a technology dividend will allow risk managers to solve for newer uncertainty with the same capacity,” he added.