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Information Management Key to Mitigating Risk, Growing Business

The best way to manage risk is to manage information - something many companie

When it comes to risk management, one of the best places to start is to keep a close eye on information. It may sound like a basic premise, but a new survey indicates a surprising number of chief information officers at banks and other financial institutions say they underinvest in information management solutions - and the trend is likely to continue.

For the survey, conducted by business and technology consulting firm Capco, CIOs and IT professionals were asked about their company's information management systems for areas like finance, risk, sales and operations. Regardless of the area, it was clear that information management systems in most cases were either not being used to their fullest extent, or were incapable of doing the tasks required of them.

While most respondents agreed that data analytics could be used to grow business, nearly two out of five people surveyed said they do not use information management system analytics. One-third indicated they do not use their systems to determine the commercial value of a company program, while two-thirds indicated their systems were are "just surviving."

"It is clear that CIOs have to continue to apply considerable efforts to improving their IM programs," said Mohit Saghal, a partner with Capco. "At the same time, bank executives are beginning to understand that effective IM programs can have tremendous commercial value and provide crucial competitive advantage to their businesses."

To learn more about leveraging technology to evolve the strategic role of Finance, Accounting and Treasury, register early for Proformative's upcoming technology conference, ProformaTech 2013.