Protecht’s 2024 UK Financial Services Risk Outlook: What the Numbers Really Mean
Protecht, the go‑to name for risk‑and‑resilience software, just dropped its latest survey report, and the findings are a good mix of geopolitics, sweat‑pants budgets, and a tech‑savvy future.
Key Takeaway Highlights
- Geopolitical Fears Run Wires: 26 % of UK financial giants say the Russia‑Ukraine fallout and US‑China tensions are the biggest headaches.
- Liquidity Is Money‑Lifting: 24 % point to funding and liquidity as the next big threat.
- Make It Digital! 24–21 % of respondents still rely on manual processes for risk checks, incident reporting, policy handling and risk assessment.
- AI: A Cautious Approach: 35 % are already using generative AI but aren’t planning to go full‑scale in the next year.
- Resilience Is the New Black: 59 % are pulling bigger budgets into operational resilience, shifting from “reactive” to “anticipatory” stance.
- Third‑Party Risks on the Radar: 68 % plan to beef up their TPRM solutions—cloud services, trade partners, your favourite fintech fintech all in the mix.
Inside the Survey Methodology
The researchers tapped 400 UK firms with 250–5,000 employees each, giving a snapshot that feels both intimate and grand. The firms span banking, insurance and all the other things that help you save your dough and lend it to strangers.
What Was It All About?
Three themes surfaced as the force‑movers:
- Geopolitical uncertainty is the new “Big Bad Wolf.”
- Operational resilience—think “systems backup” meets “ready‑for-disasters.”
- Tech & data alignment—because if your spreadsheets are still in pencil, you’re probably stuck in the 90s.
Voices From the Field
Tsambika Jeffries, Zepz: “Geopolitical turbulence can hit us all the way from the Kremlin to the rooftops of London. Our focus is on staying level-headed while we build resilience.”
Gary Lynam, Protecht EMEA MD: “This survey paints a picture of an industry at a crossroads, with technology steering the future. If you’re sitting on the fence, move your gears.”
Sean Titley, Metro Bank: “Geopolitical risk is an emerging threat, and AI is a double‑edged sword. We’re bolstering resilience and trimming third‑party risk.”
Ben Lowing, First Central Group: “The global environment is messy. We must invest in a digital, interconnected ERM system that can outshine any geopolitical storm.”
Why This Matters
In a nutshell: the financial sector is building better defenses against the world’s unexpected twists. The real message? Your company should:
Bottom Line
Protecht’s latest research is a clarion call to balance caution with ambition. It’s a reminder that even in a highly regulated arena, embracing technology is not just an option—it’s an imperative for future growth and survival.
