According to IDC’s Worldwide Risk Technology Spending report, worldwide IT spending pertaining to risk functions will reach over $74 billion by 2015. Growth in IT spending on risk management will outpace the growth of overall IT spending in financial services, and will top 15 per cent of total IT spending in financial services in 2012.

Key drivers that are fueling growth in risk-related technology and services investments, include regulatory uncertainty and compliance demands, mandates to improve overall corporate governance and financial performance across the financial enterprise, and the need to modernize and protect critical risk management infrastructures.

Michael Versace  (Research director, Financial Insights, IDC): Although our macro-economic assumptions continue to point to downward pressure on overall IT spending in financial services, in our estimation, the risk technology market is large and still growing at a good clip.