IT spending on risk management to outpace the growth of overall IT spending in financial services
Worldwide IT spending pertaining to risk functions will reach over $74b by 2015, according to new research from IDC Financial Insights.
The new research, Worldwide Risk Technology Spending – 2011 Analysis and Forecasts, said growth in IT spending on risk management will outpace the growth of overall IT spending in financial services, and will top 15% of total IT spending in financial services in 2012.
According to the report, the key drivers of growth will be regulatory uncertainty and compliance demands, mandates to improve overall corporate governance and financial performance across the financial enterprise, and the need to modernise and protect critical risk management infrastructures.
IDC Financial Insights Global Risk research director Michael Versace said although their macro-economic assumptions continue to point to downward pressure on overall IT spending in financial services, in their estimation, the risk technology market is large and still growing at a good clip.