“Only ten percent reported that their risk management teams have all the resources they need, and 69 percent said they believe there is a skills shortage in leveraging new technologies for data and risk management.”
The enterprise is being flooded with data, and many executives are struggling to keep up, suggest findings from a new study from Accenture.
Entitled “The Accenture 2017 Global Risk Management Study”, the study surveyed 475 risk management executives in the financial services and insurance sectors. It found that while large financial institutions are starting to take advantage of technologies like big data analytics and biometrics, 66 percent of executives report that “skills deficiencies are impeding the effectiveness of the function as these technologies evolve,” according to a summary of the report.
An even higher proportion – 73 percent – said an increase in the “velocity, variety and volume” of data was hindering their effectiveness in risk management. Only ten percent reported that their risk management teams have all the resources they need, and 69 percent said they believe there is a skills shortage in leveraging new technologies for data and risk management.
The findings come in the same week that Gemalto announced an update to its Breach Level Index in which it found a decrease in data encryption between 2016 and this year, and a perhaps unsurprising uptick in data breaches. Together the studies paint a picture of a digital landscape evolving more rapidly than security and risk managers can effectively manage, and possibly the need for more automated security solutions.