Industry trade and standards group ISITC has just released the results of its annual membership survey and has found that a high percentage of respondents, 88 percent, say that firms will benefit from increased spending on technology in 2015.
Operational challenges with alternative and non-traditional investments and regulatory change may be on the spending list as the survey also found that 61 percent of respondents are reporting Op Risk issues in these areas, according to ISITC. The survey also showed that 43% of respondents believe that reducing operational risk is the “most important in terms of measuring success for the year.”
Concerns over operational appear to have priority over reducing costs, increased alpha and improved data quality, which were also noted in the survey.
The survey also found that:
- 84% of respondents say the industry has improved its infrastructure and processes as a result of the financial crisis;
- 57% think firms have specific plans to invest additional resources for cybersecurity efforts in 2015;
- And half of respondents says firms will focus the most technology/operational resources on the front-, middle- and back-office collectively.
For the survey, ISITC polled nearly 50 ISITC members from investment management firms, broker/dealers, custodians and solution providers, officials say.
The survey focuses on key issues to be addressed at ISITC’s upcoming 21st Annual Industry Forum and Vendor Show, held March 22 to 25, at the Renaissance Boston Waterfront Hotel. The industry group, which expects attendance to be more than 300, will feature a keynote address by Karen Peetz, president of BNY Mellon. The theme of the event is “Connecting the DOTS: The Future of Data, Operations and Technology,” officials say,
“The results of our annual member survey confirm that the increasing pace of change and growth in complexity within data, operations and technology are creating a fundamental need for firms to evaluate their operational risk profile and their change and risk management capabilities,” says Jeff Zoller, chair of ISITC and vice president at T. Rowe Price, in a prepared statement.
ISITC is an acronym for the International Securities Association for Institutional Trade Communication.
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