There has been a 25% rise in demand for outsourced managed services compared to pre-pandemic levels, according to a study from ACA Compliance Group.
It also claims cybersecurity and RegTech solutions have witnessed an increase in demand.
The cause of these rises is down to risk and compliance leaders being asked to do more with less and reduce costs whilst enhancing operational resilience, it said.
Due to the pandemic forcing financial services to change their working style, this has posed an array of new threats and challenges for them to overcome.
The study from Aca claims that 65% of respondents feel cybersecurity and privacy functions will require the biggest increase in compliance and risk management services in 2021.
ACA Compliance Group global chief services officer Carlo di Florio said, “RiskMutation challenges risk and compliance professionals to rethink how their jobs are done. For financial services firms, this accelerates the need to modernise and rethink their risk and compliance operating models.
“Key to success is how well leaders leverage technology, outsourcing, and operational resilience strategies to do more with less and successfully navigate RiskMutation. These capabilities help firms build adaptability, scale, and resilience into their processes and culture in order to quickly respond to rapidly evolving circumstances.”
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