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Collaborative Technologies and the Impact on GRC: Balancing Risk with Rewards

Executive Summary

The rapid adoption of collaborative technologies such as mobile and cloud computing, social media and instant messaging has changed how financial services firms approach governance, risk, and compliance. This report, based on surveys with senior level executives in financial services organizations, evaluates strategies and policies for managing IT risk in a collaborative environment.

Several key findings include:
  • Only 30 percent of the respondents use traditional IT systems for data management with the remainder relying on third-party expertise.
  • Although lack of control, data security, and compliance are the most pressing concerns for implementing cloud computing, nearly half (46 percent) of financial services firms plan to invest in cloud technology within the next 12 months.
  • Financial firms are largely pleased with the effectiveness of their current IT systems. Only nine percent of firms surveyed believe that their present IT risk management systems fall short in meeting technology challenges and are vulnerable to sophisticated cyber attacks.
  • Infrastructure, data security and privacy, and regulatory compliance are the major investment areas for financial firms in addressing IT risks and subsequent Governance, Risk, and Compliance (GRC) challenges.