Since the financial crisis of 2007–08, banks have been discussing the need to better integrate finance and risk. A survey conducted by Oracle in 2011 found a lack of integration between finance and risk functions and a clear acknowledgement that change was needed.
Eight years on – at a time when the need for high‑quality finance and risk data is at a premium due to regulatory pressures, increasing complexity and the pace of technological change – there remain substantial gaps in banks’ abilities to generate the insight needed to support more robust bank‑wide decision‑making, and a worrying mismatch in aspiration, perception and collaboration between chief financial officers (CFOs) and chief risk officers (CROs).
As banks prepare for a future in which some envisage managing teams comprising 50% humans and 50% machines, and where agile competitors are circling, time is running out for banks to bridge the gaps, agree priorities and move forward with certainty.
This unique Asia Risk research, developed in association with Oracle, draws on the views of more than 150 banking CFOs, CROs and senior executives in data roles to reveal the state of integrated finance in Asia-Pacific and how forward-looking banks can use data to turn their finance and risk functions into key drivers of added value and competitive advantage.