{"id":419899,"date":"2021-01-25T04:03:07","date_gmt":"2021-01-25T09:03:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=419899"},"modified":"2021-01-25T04:03:07","modified_gmt":"2021-01-25T09:03:07","slug":"wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/","title":{"rendered":"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge<\/b><\/p>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nMore than 80% of risk professionals view risk technology (risktech) innovation as imperative to their banks\u2019 competitive edge, with tech spend being directed towards effectiveness rather than cost reduction. That\u2019s according to a new survey and white paper, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fexpert-insights%2Fsharpening-risktechs-cutting-edge-maximising-value-from-risktech-investment%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_form-submission_RiskNetWhitepaper_20.01%26wkcid%3D20.01_WW_frr_EN_PR_RiskNetWhitepaper&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=%26%238220%3BSharpening+risktech%26%238217%3Bs+cutting+edge%3A+Maximising+value+from+risktech+investment%26%238221%3B&amp;index=1&amp;md5=d3aa369e69b78ae2a011262068c8de5e\">\u201cSharpening risktech\u2019s cutting edge: Maximising value from risktech investment\u201d<\/a>, published by <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fsolutions%2Fonesumx-for-finance-risk-and-regulatory-reporting%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_solution-read_RiskNetWhitepaperPR_20.01%26wkcid%3D20.01_WW_frr_EN_PR_RiskNetWhitepaperPR&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=Wolters+Kluwer%26%238217%3Bs+Finance%2C+Risk+%26amp%3B+Regulatory+Reporting+%28FRR%29&amp;index=2&amp;md5=4620673939bc7f0fb7adf4e9bdb67970\">Wolters Kluwer\u2019s Finance, Risk &amp; Regulatory Reporting (FRR)<\/a> business in association with Risk.net.\n<\/p>\n<p>\nRisk.net interviewed more than 80 senior risk and technology professionals at leading banks globally and found respondents to be distinctly lukewarm in their assessment of existing risktech systems.\n<\/p>\n<p>\nAround 61% described the overall performance of their systems as fair, poor or very poor, citing a lack of clear business objectives and internal wranglings over project priorities and scope as the two main barriers to effective risktech investment. Notably, 76% of respondents are planning upgrades in the next two years, with cloud infrastructure and artificial intelligence applications being the two most likely directions for developing risktech, while blockchain and big data are seen as longer\u2011term opportunities. Data analytics and management, however, are also seen as being in need of immediate investment.\n<\/p>\n<p>\n\u201cThere is genuine desire to enhance risktech applications and infrastructure, driven by business evolution and internal perception of emerging technologies\u2019 potential value. In fact, risktech implementation can provide hidden value when aligned with enterprise tech, data transformation and other external initiatives, including those driven by regulatory bodies,\u201d commented Jeroen Van Doorsselaere, Vice President of Global Product &amp; Platform Management for Wolters Kluwer FRR.\n<\/p>\n<p>\nChief Risk Officers (CROs) noted how incorporating risk is top of mind as banking enterprises evolve. Likewise, banks have identified existing areas of deficiency where further optimisation and automation are required. But, just as crucially, according to the CROs interviewed for the survey, costcutting alone won\u2019t do the trick, meaning emerging technology and its implementation must emphasise holistic benefits and durability over short-term gains.\n<\/p>\n<p>\nTo help with such concerns banks are turning to <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fsolutions%2Fonesumx-for-finance-risk-and-regulatory-reporting%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_solution-read_RiskNetWhitepaperPR_20.01%26wkcid%3D20.01_WW_frr_EN_PR_RiskNetWhitepaperPR&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=OneSumX+for+FRR&amp;index=3&amp;md5=9951adb2fe6fb7b5cbeac0bd70e22318\">OneSumX for FRR<\/a>, Wolters Kluwer FRR\u2019s best-in-class integrated regulatory compliance and reporting solution suite that establishes a single source of data for finance, risk and regulatory reporting that is enriched with value-added content from in-house experts.\n<\/p>\n<p>\nWolters Kluwer FRR, which is part of Wolters Kluwer\u2019s Governance, Risk &amp; Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.\n<\/p>\n<p>\nWolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2020. <i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fnews%2Fwolters-kluwer-finance-risk-reporting-triumphs-in-risk-magazine-awards-for-third-consecutive-year%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_press-release-read_Risk.NetWhitepaperPR_21.01%26wkcid%3D21.01_WW_frr_EN_PR_Risk.NetWhitepaperPR&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=Risk&amp;index=4&amp;md5=96d59084081154231885f7ecce21d36b\">Risk<\/a><\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fnews%2Fwolters-kluwer-finance-risk-reporting-triumphs-in-risk-magazine-awards-for-third-consecutive-year%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_press-release-read_Risk.NetWhitepaperPR_21.01%26wkcid%3D21.01_WW_frr_EN_PR_Risk.NetWhitepaperPR&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=magazine+recently+awarded+the+company+its+coveted+Regulatory+Reporting+System+of+The+Year+Award+for+the+third+year+running&amp;index=5&amp;md5=4c681d0e8c8f9ccb939a6fa700a25287\"> magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running<\/a> and Wolters Kluwer FRR is <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fnews%2Fwolters-kluwer-triumphs-across-regulatory-reporting-liquidity-risk-and-tax-processing%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_press-release-read_Risk.NetWhitepaperPR_21.01%26wkcid%3D21.01_WW_frr_EN_PR_Risk.NetWhitepaperPR&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=the+%231+provider+in+both+Regulatory+Reporting+and+Liquidity+Risk+according+to+the+RiskTech100&amp;index=6&amp;md5=27fe963ee5706af40ae6c82187e39689\">the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100<\/a>, as compiled by Chartis Research. <i>Central Banking<\/i>, meanwhile, named Wolters Kluwer FRR its <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolterskluwer.com%2Fen%2Fnews%2Fwolters-kluwer-frr-named-technology-partner-for-regulatory-compliance-in-central-banking-awards%3Futm_medium%3Demployee%26utm_source%3Dpress-release%26utm_campaign%3Dgrc_frr_onesumx-frr_press-release-read_Risk.NetWhitepaperPR_21.01%26wkcid%3D21.01_WW_frr_EN_PR_Risk.NetWhitepaperPR&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=2020+Technology+Partner+For+Regulatory+Compliance&amp;index=7&amp;md5=43618be93253ed42ac316ca0a7d0e6b9\">2020 Technology Partner For Regulatory Compliance<\/a>.\n<\/p>\n<p><b>About Wolters Kluwer Governance, Risk &amp; Compliance <\/b><\/p>\n<p>\nGovernance, Risk &amp; Compliance (GRC) is a division of <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.wolterskluwer.com%2F&amp;esheet=52366679&amp;newsitemid=20210125005281&amp;lan=en-US&amp;anchor=Wolters+Kluwer&amp;index=8&amp;md5=9459a52239f0ce5aadebeb25214777cc\">Wolters Kluwer<\/a>, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.\n<\/p>\n<p>\nWolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of \u20ac4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210125005281r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210125005281\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210125005281\/en\/<\/a><\/span><\/p>\n<p><b>Media Contact<br \/>\n<\/b><br \/>Paul Lyon<br \/>\n<br \/>Global Corporate Communications Director<br \/>\n<br \/>Governance, Risk &amp; Compliance Division<br \/>\n<br \/>Wolters Kluwer<br \/>\n<br \/>Office +44 20 3197 6586<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:paul.lyon@wolterskluwer.com\">paul.lyon@wolterskluwer.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Europe Ireland United Kingdom Netherlands<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Security Technology Legal Software Finance Banking<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210125005281\/en\/516811\/3\/WK_H_01_Pos_RGB_0072_Color.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge LONDON&#8211;(BUSINESS WIRE)&#8211; More than 80% of risk professionals view risk technology (risktech) innovation as imperative to their banks\u2019 competitive edge, with tech spend being directed towards effectiveness rather than cost reduction. That\u2019s according to a new survey and white paper, \u201cSharpening risktech\u2019s cutting edge: Maximising value from risktech investment\u201d, published by Wolters Kluwer\u2019s Finance, Risk &amp; Regulatory Reporting (FRR) business in association with Risk.net. Risk.net interviewed more than 80 senior risk and technology professionals at leading banks globally and found respondents to be distinctly lukewarm in their assessment of existing risktech systems. Around 61% described the overall performance of their systems as fair, poor or &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-419899","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge LONDON&#8211;(BUSINESS WIRE)&#8211; More than 80% of risk professionals view risk technology (risktech) innovation as imperative to their banks\u2019 competitive edge, with tech spend being directed towards effectiveness rather than cost reduction. That\u2019s according to a new survey and white paper, \u201cSharpening risktech\u2019s cutting edge: Maximising value from risktech investment\u201d, published by Wolters Kluwer\u2019s Finance, Risk &amp; Regulatory Reporting (FRR) business in association with Risk.net. Risk.net interviewed more than 80 senior risk and technology professionals at leading banks globally and found respondents to be distinctly lukewarm in their assessment of existing risktech systems. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/","og_locale":"en_US","og_type":"article","og_title":"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge - Market Newsdesk","og_description":"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge LONDON&#8211;(BUSINESS WIRE)&#8211; More than 80% of risk professionals view risk technology (risktech) innovation as imperative to their banks\u2019 competitive edge, with tech spend being directed towards effectiveness rather than cost reduction. That\u2019s according to a new survey and white paper, \u201cSharpening risktech\u2019s cutting edge: Maximising value from risktech investment\u201d, published by Wolters Kluwer\u2019s Finance, Risk &amp; Regulatory Reporting (FRR) business in association with Risk.net. Risk.net interviewed more than 80 senior risk and technology professionals at leading banks globally and found respondents to be distinctly lukewarm in their assessment of existing risktech systems. Around 61% described the overall performance of their systems as fair, poor or &hellip; Continue reading \"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-25T09:03:07+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210125005281r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge","datePublished":"2021-01-25T09:03:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/"},"wordCount":698,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210125005281r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/wolters-kluwer-frr-and-risk-net-survey-identifies-risktech-innovation-as-key-to-banks-competitive-edge\/","name":"Wolters Kluwer FRR and Risk.net Survey Identifies Risktech Innovation as Key to Banks\u2019 Competitive Edge - 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