|By Business Wire||
|March 3, 2014 08:02 AM EST||
Sixty-five percent of banking and capital markets firms expect to increase their investment in compliance risk management at a rate of 10 percent or more over the next two years as they seek to maintain and expand the stature compliance has achieved in recent years, according to a new Accenture (NYSE:ACN) study.
According to Accenture’s new study, “Compliance’s Seat at the Table – Hard to Earn, Hard to Retain,” despite these investments, compliance organizations frequently fall short of their own expectations, creating the need for yet further efforts to raise the status of compliance within their organizations. Sixty percent of the 100 respondents said they need a stronger compliance culture. Nearly two-thirds (67 percent) said compliance needs to foster greater cooperation with their organization’s governance, and 65 percent said they need to improve regulatory relationships. It is clear that firms have already moved to raise the visibility and connectivity of the compliance function with 71 percent of 100 respondents confirming that their company’s compliance management currently reports to the CEO or board of directors.
The study also revealed that compliance talent shortages are becoming a barrier to success for many companies. Thirty-four percent are looking for compliance talent to hire and 46 percent are planning to expand their compliance teams. In parallel, many are investing in training to improve compliance skill sets.
“Those who do attract or skill up their workforces may benefit less than they hoped unless they also demonstrate enticing career paths for top-notch compliance risk management professionals who are hotly sought after in a relatively small talent pool,” said Steve Culp, senior managing director, Accenture Finance and Risk Services. “Centers of Excellence that create a centralized focus on compliance management may offer career opportunities for ambitious professionals and help organizations attract, retain and motivate the right mix of talent.”
Eighty-five percent of respondents reported that integration of new hires is generally successful but attrition rates are high. As such, nearly half (51 percent) have engaged professional recruiters and head-hunting firms to help them identify and make competitive offers to fill out their compliance management teams. Still, in light of attrition rates, Accenture suggests that more may need to be done to encourage compliance risk management professionals to make longer-term investments in their institutions.
To address strategic goals and keep pace with changes that are on the horizon, the compliance executives most frequently said they are already investing in analytics and risk modeling (53 percent). Furthermore, the majority of respondents are assessing, planning or already investing in governance and oversight (91 percent); data quality, management and architecture (89 percent); and their compliance organization structure (88 percent).
“While compliance organizations are applauded for the strides they are making, there may be headwinds in their future unless they address their concerns about their culture, behavior and operations, and position themselves to handle the ever-changing requirements of compliance management,” said Culp. “Executives will have to be more conscious of demonstrating success in order to secure further investment in talent, tools and technology to boost performance and realize their vision for compliance risk management.”
Although 68 percent of the compliance programs represented in the study are no more than five years old, many are reaching for the next rung with investments in performance measurement that could help them evaluate and deliver evidence of their compliance management results.
Accenture fielded surveys in late 2013 and early 2012 that explored the state of compliance in banks and capital markets firms in Europe and North America, collecting 100 responses each year. Respondents were predominantly those who are responsible for their company’s compliance management function.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 281,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.
Accenture Finance and Risk Services is a business service within Accenture’s Financial Services operating group that provides management consulting, technology and outsourcing services to banks, insurers and capital markets organizations. Its services are designed to help financial services companies leverage the critical functions of risk and finance as competitive differentiators in executing their business strategy.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Jul. 29, 2016 06:15 PM EDT Reads: 947
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 29, 2016 06:00 PM EDT Reads: 913
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 29, 2016 05:15 PM EDT Reads: 370
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 29, 2016 05:15 PM EDT Reads: 974
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 29, 2016 04:45 PM EDT Reads: 1,240
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 29, 2016 04:15 PM EDT Reads: 1,079
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 29, 2016 04:15 PM EDT Reads: 419
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 29, 2016 04:15 PM EDT Reads: 387
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 29, 2016 03:15 PM EDT Reads: 656
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 29, 2016 03:00 PM EDT Reads: 444
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Jul. 29, 2016 02:15 PM EDT Reads: 378
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 29, 2016 02:00 PM EDT Reads: 1,203
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 29, 2016 01:00 PM EDT Reads: 767
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 29, 2016 01:00 PM EDT Reads: 729
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 29, 2016 01:00 PM EDT Reads: 1,196