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  5. Dimensions: Risk & Compliance IT Pressures & Priorities 2024 Edition

Dimensions: Risk & Compliance IT Pressures & Priorities 2024 Edition

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21 May 2024
Ian Watson
Neil Katkov
Hannah Rose Schonwald

IT budgets for risk management and compliance functions at financial institutions are expected to expand by 4.6% globally in 2024.

Abstract

The second annual Celent Dimensions Survey 2024—Risk & Compliance captures the insights and opinions of 267 senior Risk executives globally to provide an in-depth view into the drivers of IT spending across the industry, as well as the leading technology and investment priorities for the year ahead. The retail banking, corporate banking, capital markets and wealth management sectors are represented in the survey, including all tier sizes of these financial services sectors.

Key findings include:

  • Fighting financial crime has jumped to the top of Risk priorities, cited by 53% of respondents. Firms are keen to use AI/machine learning, cloud and other digital technologies to enhance or transform their financial crime operations.
  • The other Top Five priorities are boosting AI readiness (51%), managing emerging risks (49%), operational resilience (46%) and generative AI (41%).
  • Public cloud has become a viable deployment model, accounting for an average 28% of systems across all Risk functions.
  • Artificial intelligence is a clear priority for financial institutions. The highest proportion of financial institutions (54%) are exploring use cases/PoCs for traditional AI now, and the highest proportion (30%) also see generative AI as the most impactful technology over the next five years.

The Celent Dimensions suite of reports for tracking financial institution IT priorities and spending include drivers for IT investment as well as dollar spending forecasts. Our survey design allows us to create common questions that address all the areas that Celent covers, giving us the unique ability to compare results among different lines of business.

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