Build, or buy: banks still don’t love their GRC vendors

A recent Risk Benchmarking study reveals that many banks are increasingly scrutinizing their governance, risk, and compliance (GRC) technology, driven by a record number of firms revisiting their tech strategies for top operational risks. This trend is partly fueled by the promise of AI-led self-builds, which are seen as potentially more cost-effective alternatives to traditional vendor solutions. The implications here are significant, as banks grapple with the balance between in-house innovation and reliance on external vendors, impacting their overall risk management efficiency and cost structures. This shift could lead to more customized GRC solutions tailored to specific institutional needs.