Almost three-quarters (72%) of financial services risk managers surveyed in Accenture’s 2019 Global Risk Management Study said that complex, interconnected risks are emerging more rapidly than ever before. Further, 58% said that disruptive technology risk has a greater impact on their business today than it did two years ago. Yet 52% described their risk function as, at best, only somewhat effective at responding rapidly to changes in the external risk environment. New technologies cause the most concern, with only 11% saying they are fully capable of assessing the risks of adopting artificial intelligence in their organizations, and even fewer said they can assess machine learning (9%), robotic process automation (9%), internet of things (6%), quantum computing (5%) or blockchain (5%).
Risk managers do understand the benefit of using these technologies to improve their risk management efforts, however. For example, 73% of risk functions that use machine learning are satisfied with their progress over the past two years in preparing for volatile future scenarios and 66% are satisfied with their progress in addressing long-term vulnerabilities across the business.