FRAMINGHAM, Mass.--(EON: Enhanced Online News)--In no other industry has the issue of IT complexity become so important as it has in the financial services industry, which invests more than $400 billion in IT hardware, software, and services each fiscal year. With this in mind, IDC Financial Insights today announced a new report, Business Strategy: When the Genie Becomes the Master – Embracing Change and IT Complexity Risk (Document: #FI243409), which outlines the ten most significant sources of IT complexity risk with a forecast of whether the complexity risk source is increasing, decreasing, or staying the same in 2014 and where additional focus is needed. The report also provides the key strategic imperatives for the offices of the chief risk officer (CRO), CIO, and business IT executives that, if effectively executed, serve as a foundation to reduce IT complexity for the modern financial enterprise business enabled by 3rd Platform technologies.
In managing the complexities of IT and accompanying risks, the technology genie has become the master of many firms, as they struggle to maintain reliable, safe, and resilient IT systems in parallel with business transformation. Meanwhile, agility, simplicity, and control have become the mantra of many 3rd Platform IT vendors, presenting unique challenges for CROs, CIOs, and line-of-business (LOB) executives managing business transformation efforts. These challenges, coupled with unfamiliar post–financial crisis competitive dynamics, consumerized IT and data, and disruptions to traditional business models, leave IT risk leaders on an entirely new battlefield fighting the unrelenting foe of technical complexity.
The task for IT leaders in financial institutions is to keep abreast of these technology disruptors and the innovation opportunities created to not only reduce IT complexity risk and transform the business, but also perfect new ways by which relevant IT is planned for, acquired, delivered, managed, operated, and retired.
According to Michael Versace, Global Risk Director, IDC Financial Insights, "CROs should anticipate an increase in complexity risk with the adoption of these emerging technologies and be prepared with the skills, strategies, policies, partners, and business processes to limit their impact on the business. To be successful at managing IT complexity risk, CROs must stay engaged with line-of-business leaders and the IT functions to understand technology adoption strategies and plans, and play an increasingly critical role that will ultimately help the organization be more responsive to market needs and opportunities."
To arrange a one-on-one briefing with Michael Versace, please contact Sarah Murray at 781-378-2674 or firstname.lastname@example.org. Reports are available to qualified members of the media. For information on purchasing reports, contact email@example.com; reporters should email firstname.lastname@example.org.
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email email@example.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.