Risk information technologies and services (RITS) expenditure is expected to increase at a composite aggregate growth rate (CAGR) of 6.92% until 2017 to reach $87.4bn, according to a report from IDC.
According to the report, the RITS spending is expected to reach $71.2bn in 2014 that would represent a 16.5% of the total spending in the year, while RITS expenditure is expected to account for 18% of total IT spending in 2017.
Increase in the RITS expenditure is driven by the adoption of risk management technologies, services, and applications in a growing market across the banking, capital markets, and insurance sectors.
IDC Financial Insights global research director Michael Versace said regulatory pressures, tightening, and oversight resulting from the financial and economic upheavals of the past decade and the first three years of the current decade continue to be prime motivators for risk management investments.
"Risk IT strategies and investments over the forecast period will remain critical as policymakers around the globe stay focused on capital buffers, trade transparency, accounting and reporting improvements, internal control and IT system continuity, third-party risk, financial crime and fraud, and the impact of cyber threats on the safety and soundness of the financial marketplace," Versace added.
During the forecast period the risk officers are expected to operate with regulatory change, as their organisations absorb the regulatory underpinnings of future financial operations.
According to the analysts, risk management is a blend of big data analytics, cloud, and social networking offer greater opportunity to contribute to customer value creation, improved control, and efficiencies in operations for the industry.
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