find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
In-House Legal Counsel (Mid to Senior)| Regulated Markets (Energy and Gas)
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Full PD on Request · Exciting High Impact Role
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Risk technology spend to grow this year

Risk technology spend to grow this year

SPENDING ON operational risk technology is set to increase substantially this year, but the majority of risk and compliance departments’ spending will be on wages, according to research.A study…

SPENDING ON operational risk technology is set to increase substantially this year, but the majority of risk and compliance departments’ spending will be on wages, according to research.

A study from US-based researcher AMR Research found that 46 per cent of companies are expected to implement or evaluate risk management technology in the coming 12 months.

Spending on risk management generally is also set to increase, with 54 per cent of firms ramping up spending. The average spending increase will be 17 per cent.

Australian research covering 130 risk management and compliance departments, commissioned by Risk Management, found that technology is the most likely tool to be introduced this year with 12 per cent of departments planning software upgrades. Additionally, close to two-thirds of risk and compliance departments now have their own budget, with the average budget size being around $1million.

While some are expected to increase spending on software and consulting, the primary cost remains wages, which consume 62 per cent of budgets.

Although many organisations have upgraded risk and compliance technology in recent years, some remain in the market for tools. Moreover, a growing trend is for in-house development of risk management tools based on the .Net architecture after reviewing the vendor market for risk management software packages.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Risk technology spend to grow this year
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Sally Wheeler
Nov 20 2017
ANU College of Law appoints new dean
A distinguished legal academic and the former head of law of a higher education institution in Irela...
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Nov 16 2017
From lawyer in law firm to senior governance professional
Promoted by Governance Institute of Australia As a law graduate, Kate Griffiths never imagined...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...