While most established financial organisations have in-house technical experts who monitor specialised computer systems and networks, many have outsourced these activities to financial IT consultancies.
By integrating financial risk management and technical expertise, financial IT consultancies help financial institutions develop their financial systems. Major accounting firms are also strengthening their IT arm to offer such services and to support their IT-challenged clients.
Project risk management:
assesses and estimates costs for major IT projects with the help analytical tools; includes the weighing of risks and finding solutions
uses software tools that can support all platforms in a global corporate network to diagnose and resolve problems and potential threats
uncovers criminal activities and fraud; involves the usage of sophisticated software to reveal hidden or erased data that can track down criminal activity
protects confidential information and company data and ensures that internal systems are impenetrable by outside hackers
audits a company’s IT systems during a merger or takeover as it can impact the bid price.
Professionals in this field need to translate complex mathematical models, large data sets, distributed systems, highly parallel processing, high speed systems and security concerns into user-friendly interactive graphical user interfaces (GUIs) that enable financial workers to manipulate data variables and visualise huge data sets. Excellent communication skills, awareness of the latest developments in technology and financial services, and the ability to think imaginatively will provide graduates with a good head start in the industry.