That can be a complex balancing act, since faster digital innovation often exposes banks to greater technology, cyber, and operational risks, as well as regulatory scrutiny. The winners are those best equipped to handle both the upside and the downside of innovation and to weather disruptions.
To understand how banks manage technology risk in a period of accelerated digital transformation, ServiceNow and ThoughtLab conducted a comprehensive survey of 750 banking executives in March-May of 2023. The study explored the best practices, challenges, and performance benefits around improving technology risk management and resilience.
The 750 executives came from 12 countries across three global regions. Respondents included a mix of C-Suite executives and direct reports knowledgeable about the risk management practices of their institutions. The study included banks with assets that range from $1 billon to over $1 trillion.