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Despite news that employment figures are increasing, UK retail spend has bounced back and broader trends such as house sales continue to maintain a steady rhythm, it may appear externally that the market is more stable than it has been for a number of years. Though this is true to an extent, stress tests from this week, which a number of UK institutions failed or came close to failing, along with the government targeting banks in the recent Autumn Statement, it’s safe to say that we’re not on even ground yet.
As we head into 2015, financial organisations need to get their ships in order and, in my opinion, this all centres around data and understanding risk. Here are my key themes for consideration as we go into next year:
Risk is no longer about reporting. Risk management intelligence will be supported with better integration globally, particularly within large firms. The market as a whole is trying to better understand risk and prepare for potential pitfalls in the future, as demonstrated by recent stress tests. What’s concerning is that UK institutions are still falling short of industry expectations and measures, something which must be tackled, quickly. There is a role for technology here, in ensuring that processes and access are allocated effectively.
2015 has the potential to be a crossroads for the UK economy. With likely changes in interest rates, along with possible changes in government, financial institutions need to be prepared for whatever the future may hold. Now is the time to put in place measures to ensure risk and data are prioritised.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ruchi Rathor Founder at Payomatix Technologies
30 September
Dmytro Spilka Director and Founder at Solvid, Coinprompter
27 September
Ritesh Jain Founder at Infynit / Former COO HSBC
Luke Allchin Director - North America at RFI Global
26 September
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