Capco: Change Is The New Risk - Will Change Run The Bank?
Posted: 1 September 2014 | Source: Capco
It’s confusing, what’s going on with Wall Street right now. News is rife with cost cutting and massive lay-offs as revenues continue to fall due to low market volatility and drops in trading volume. Yet, the pressure to invest and spend is unrelenting as a result of the continuously strong S&P, generally favorable market conditions, the possibilities of emerging technologies, and the continuous regulatory mandates. This pressure to invest and spend is feeding banks’ appetites to continue to grow professionals who can strategize, visualize, communicate, and implement massive Change Programs. Cut costs or invest? How can a financial institution simultaneously do both?
Massive upheaval in almost all sectors of the financial markets, from trading to lending to payments, would be enough to push Change requirements to the forefront. Add on top of that, technological advancements that are disrupting the market, and forcing new thinking for traditional banking issues, and you have a challenge for any entity wanting to succeed. Twenty years ago, no one ever heard of a ‘Chief Risk Officer’ and now it would seem negligent not to have one, but increasingly banks are looking toward Change Professionals to drive organizations and set priorities, especially in the new digital world. Could ‘Change Officers’ be destined for the C suite?