IDC Financial Insights Reveals Chief Risk Officer Predictions for 2015

Through 2016, 75% of the CRO's time will be focused on risk data architectures, credit analytics, fraud and cyber security, and creating new risk efficiencies from 3rd Platform IT

FRAMINGHAM, Mass.--()--International Data Corporation (IDC) today hosted the IDC FutureScape: Worldwide Risk Management 2015 Predictions Web conference, which highlighted predictions based on a new IDC FutureScape report. Featuring financial industry analysts Michael Araneta, Andrei Charniauski, Li-May Chew, Charles Kolodgy, Michael Versace, and James Wester, the roundtable discussion provided organizations with insight and perspective on long-term industry trends along with new themes on the horizon. The Predictions Web conference series and accompanying IDC FutureScape reports are designed to help company leaders in risk and security capitalize on emerging market opportunities and plan for future growth. An audio replay of today's Web conference will be available this afternoon. To access the replay, please visit: http://bit.ly/1whfjVW.

The predictions from the IDC Financial Insights Risk FutureScape are:

1. Risk data aggregation, analytics, and reporting consumes 75% the Chief Risk Officer (CRO) agenda in 2015.

2. Led in part by big data solutions, fraud and financial crimes analytics will set global financial institutions back US$2.8 billion for software and services by 2016.

3. 30% of top compliance functions introduce a technological means, business processes, and metrics to manage and minimize conduct failures.

4. Institutions increase investments in risk culture through enterprise education by more than 15% in 2015.

5. Industry clouds disrupt legacy risk operations and contribute to a 10% reduction in Know Your Customer (KYC) and other compliance costs by 2016.

6. Virtually all CROs will be engaged in credit risk modernization initiatives through 2016.

7. By 2016, threat intelligence security services market will growth at a 20% compound annual growth rate (CAGR), with consulting services leading the growth.

8. To meet the demand for convenience, 10% of mobile-initiated commerce will be biometrically secured by 2016 and password usage begins to show signs of decay.

9. By 2017, with workable boundaries of regulation at state and federal levels, financial institutions find their role in crypto-currency clearing.

10. Through 2016, operational risk spending will grow at an 8% CAGR, almost twice the average growth rate for all IT industry spending.

According to Michael Versace, Global Director for Risk and IT Strategy at IDC Insights, "There seems to be no end to above average growth rates in risk technology and service investments across all three financial services sectors, and all global regions. However, while the waves of regulation continue to pound against margins and profitability, solutions built on cloud, big data, and analytic platforms are offering more opportunities every month to scale and strengthen the CRO's ability to mitigate risk, perfect risk taking, and contribute to growth and shareholder value."

The IDC FutureScape report that this Web conference is based on will be published and available within the next 24 hours. To learn more about IDC Predictions and IDC FutureScapes, please visit: www.idc.com/Predictions2015.

For additional information about these predictions or to arrange a one-on-one briefing, please contact Sarah Murray at 781-378-2674 or sarah@attunecommunications.com. Reports are available to qualified members of the media. For information on purchasing reports, contact insights@idc.com; reporters should email sarah@attunecommunications.com.

About IDC Predictions

A hallmark of IDC's offering for three decades, the annual Top 10 Predictions reports provide our outlook on the IT market, across industries, in the coming year. During the next 90 days, IDC will publish Top 10 Predictions documents for 2015. Please visit www.idc.com/Predictions2015 for a complete listing.

About IDC FutureScape

IDC FutureScape reports are used to shape IT strategy and planning for the enterprise by providing a basic framework for evaluating IT initiatives in terms of their value to business strategy now and in the foreseeable future. IDC's FutureScapes are comprised of a set of decision imperatives designed to identify a range of pending issues that CIOs and senior technology professionals will confront within the typical three-year business planning cycle.

About IDC Financial Insights

IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc.com/financial, email info@idc-fi.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-community.com/financial.

Contacts

IDC
Anna Di Pietro, 508-935-4237
Marketing Specialist
adipietro@idc.com
or
Attune Communications
Sarah Murray, 781-378-2674
Partner
sarah@attunecommunications.com

Release Summary

IDC today hosted the IDC FutureScape: Worldwide Risk Management 2015 Predictions Web conference, which highlighted predictions based on a new IDC FutureScape report.

Contacts

IDC
Anna Di Pietro, 508-935-4237
Marketing Specialist
adipietro@idc.com
or
Attune Communications
Sarah Murray, 781-378-2674
Partner
sarah@attunecommunications.com