# Thomson Reuters Report Reveals Risk & Compliance Staff Expect to See Significant Benefits from Artificial Intelligence (AI) and Distributed Ledger Technologies Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-05-29 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Challenges and Opportunities for Compliance Officers in the Digital Age Meta Description: Discover the challenges and opportunities faced by compliance officers in the digital era. Explore the impact of big data, AI, and blockchain on risk URL: https://financedigest.com/thomson-reuters-report-reveals-risk-compliance-staff-expect-to-see-significant-benefits-from-artificial-intelligence-ai-and-distributed-ledger-technologieshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd250518-1-1-1736842697613-compressed.jpg) _Report on ‘Achieving Integrated GRC in an Interconnected Digital Age’ highlights challenges and opportunities faced by compliance officers_ - _Big data, AI, machine learning, distributed ledger technology – blockchain – expected to bring measurable increases in efficiency_ - _Many compliance officers face adaptation challenges in moving toward the future_ - _[Risk operations](https://www.financedigest.com/mitigating-operational-risk-through-centralising-reconciliation.html "MITIGATING OPERATIONAL RISK THROUGH CENTRALISING RECONCILIATION") hampered by inflexible technology, struggle to develop agile capabilities_ Building on its commitment to help connect and empower the global financial and corporate communities by providing actionable insights and proprietary solutions that add greater value, Thomson Reuters recently commissioned Celent to conduct independent [market research on integrated](https://www.financedigest.com/power-management-integrated-circuit-pmic-market-research-report-2022-global-forecast-till-2028.html "Power Management Integrated Circuit (PMIC) Market Research Report 2022 – Global Forecast till 2028") Governance, Risk and Compliance (GRC). The findings have been published in the report titled, “Achieving Integrated GRC in an Interconnected [Digital](https://www.financedigest.com/constructive-digitization-to-let-the-remote-patient-monitoring-services-market-come-of-age.html "Constructive digitization to let the Remote Patient Monitoring Services Market come of age") Age.” According to the report, key factors impacting risk and compliance executives include the need and expectation of real benefits from digital technologies, such as big data, [artificial intelligence](https://www.financedigest.com/machine-learning-in-artificial-intelligence.html "Machine learning in artificial intelligence") (AI) and machine learning, as well as distributed ledger technology (blockchain) to bring measurable increases in efficiency to risk management operations. At the same time, many firms are [facing challenges](https://www.financedigest.com/how-to-overcome-the-challenges-faced-by-women-in-business-4.html "How to overcome the challenges faced by women in business") in moving toward the future.  At a fundamental level, the report indicates that [risk operations](https://www.financedigest.com/banks-and-insurers-right-to-prioritise-technical-skills-in-operational-risk-but-must-not-overlook-training-in-nurturing-talent.html "Banks and insurers right to prioritise technical skills in operational risk but must not overlook training in nurturing talent  ") are having difficulty developing agile capabilities and continue to be hampered by inflexible technology. Thomson Reuters commissioned the independent survey to better understand the impact of these challenges and opportunities, as risk and compliance executives increasingly face intense, enterprise-wide regulatory scrutiny around strong governance and sound internal controls **.** Celent undertook in-depth interviews with approximately 30 Tier 1 financial institutions across North America, [Western Europe](https://www.financedigest.com/western-europe-medical-recruitment-market-is-estimated-to-be-valued-at-us-21-22-billion-by-the-end-of-2028.html "Western Europe Medical Recruitment Market is estimated to be valued at US$ 21.22 Billion by the end of 2028") and parts of developed Asia. Most of these were structurally significant financial institutions with [assets exceeding US$100 billion](https://www.financedigest.com/british-pensions-step-up-multi-billion-pound-asset-fire-sale-as-need-for-cash-soars.html "British pensions step up multi-billion-pound asset fire sale as need for cash soars"). [Key findings of the survey](https://www.financedigest.com/date-palm-market-detailed-survey-on-key-trends-leading-players-business-opportunities-2026.html "Date Palm Market – Detailed Survey On Key Trends, Leading Players & Business Opportunities 2026") include a strategic wish-list of requirements for a fit-for-purpose, integrated risk ecosystem. These requirements fall into five key areas: Information & data congruence: Applications employed to capture and report information for various [risk assessments and controls management activities, such as risk control self-assessments (RCSAs), key risk indicators (KRIs), risk appetite](https://www.financedigest.com/u-s-dollar-climbs-to-two-year-peak-as-risk-appetite-tumbles-yuan-drops.html "U.S. dollar climbs to two-year peak as risk appetite tumbles; yuan drops") parameters and loss events. These should be connected, aligned and congruent with a firm’s taxonomy and framework - _Adaptability_: Flexible, business-user centric capabilities to respond to evolving requirements, without the need for protracted cycles of IT development, coding and testing - _Rich visualization, usability and collaboration_: Next-generation platforms should possess the ability to quickly analyse, chart and exchange operational and risk-related insights based on modern and intuitive user interfaces Dynamic, event-centric and timely: Ability to support multiple modes of operation, including triggering by events and operating in near-real timeto monitor and report on the state of affairs in a [firm’s risk profile in a dynamic](https://www.financedigest.com/bnp-paribas-buys-majority-stake-in-dutch-firm-dynamic-credit-group.html "BNP Paribas buys majority stake in Dutch firm Dynamic Credit Group") manner. - _Open and seamless co-existence_: Platform should be open and extensible enough to connect and co-exist with other non-risk IT applications (HR, sales, security) using modular, flexible interfacing mechanisms. “There is no denying that risk and compliances professionals are calling for a personalized, integrated risk ecosystem.  Our [research found that there remain many gaps in risk visibility as organizations rely on fragmented data](https://www.financedigest.com/non-finance-data-sets-increasingly-sit-at-the-heart-of-investment-with-over-70-of-decisions-impacted-by-esg-factors-bright-data-research-reveals.html "Non-Finance Data Sets Increasingly Sit At The Heart Of Investment With Over 70% Of Decisions Impacted By ESG Factors, Bright Data Research Reveals"), processes, and tools to inform risk decision making. Without effective risk management in place, it is challenging to effectively contrast risk with reward across divisions within a global organization,” said Gareth Evans, [managing director](https://www.financedigest.com/tmwi-appoints-matt-franceschi-as-deputy-managing-director-to-help-spearhead-the-integrated-media-agencys-ongoing-growth.html "tmwi appoints Matt Franceschi as Deputy Managing Director to help spearhead the integrated media agency’s ongoing growth"), Enterprise Risk Management at Thomson Reuters. “The industry challenge and opportunity is to help ensure that risk and compliance professionals are better equipped with [advanced technology](https://www.financedigest.com/cardiac-valvulotome-market-growth-latest-trends-top-players-competition-technological-advancements-outlook-and-forecast-2028-2.html "Cardiac Valvulotome Market Growth, Latest Trends, Top Players, Competition, Technological Advancements, Outlook and Forecast 2028") to support an integrated solution designed to bring measurable increases in efficiency to risk management operations.” “As regulatory scrutiny and [cost pressures](https://www.financedigest.com/asias-factory-activity-weakens-on-global-slowdown-cost-pressures.html "Asia’s factory activity weakens on global slowdown, cost pressures") intensify, risk and compliance professionals will need to adapt quickly to advanced technology that could adversely impact their overall business models,” said Cubillas Ding, Research Director at Celent. “A next-generation risk infrastructure should therefore be modular and agile, where [data and information are congruent across different risk activities](https://www.financedigest.com/oil-slips-on-china-covid-curbs-weak-factory-activity-data.html "Oil slips on China COVID curbs, weak factory activity data") with strong reporting capabilities.” For a close look at the story behind the report and its results, view Gareth Evan’s video [here.](https://www.youtube.com/watch?v=KKyZTP52EH0) Data in the Thomson Reuters 2018 report on “Achieving Integrated GRC in an Interconnected Digital Age” is based on a survey whereby Celent undertook in-depth interviews with leading financial institutions globally to better understand the [challenges facing](https://www.financedigest.com/how-to-overcome-the-challenges-faced-by-women-in-business-3.html "How to Overcome the Challenges Faced by Women in Business") risk and compliance executives, as well as the technology improvements that are needed to support an integrated GRC paradigm to overcome these issues. Most of the institutions [surveyed](https://www.financedigest.com/sentiment-in-uk-finance-falls-at-fastest-pace-since-2019-survey.html "Sentiment in UK finance falls at fastest pace since 2019, survey") were structurally significant financial institutions with assets of more than US $100 billion. The report was commissioned by Thomson Reuters; however, the analysis and conclusions are Celent’s alone, and Thomson Reuters had no editorial [control over report](https://www.financedigest.com/global-compressor-controllers-market-outlook-2021-pricing-strategy-industry-latest-news-research-report-analysis-and-share-by-forecast-2028.html "Global Compressor Controllers Market Outlook 2021, Pricing Strategy, Industry Latest News, Research Report Analysis And Share By Forecast 2028") contents. Read and download the full “Achieving Integrated GRC in an Interconnected Digital Age” report here. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---