These are turbulent times for the financial servicesindustry.

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Not only are shifting market conditions and the ever-evolvingregulatory landscape creating new hurdles for firms, but the seriesof outside risks facing financial services risk managers has neverbeen more complex. Now these professionals need to address businessinteruption, reputation and other traditional risks, as well ascyber terrorism, fraud and other 21st-century threats.

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And it likely will get worse before it gets any better, as thetighter-margin business environment is forcing many firms to expandtheir operations into more risky areas, increasing their exposuresat the same time.

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According to a new study released this week by Accenture,corporate risk managers are prepared to pay for it, however.

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Nearly 90% of the financial services exucutives polled byAccenture said that they plan to increase their investment in riskmanagement in the next two years, and more than one in four (26%)said they would up their spending by more than 20% in that time.Roughly two-thirds (65%) said that cyber and IT-related risks wouldhave an increased impact on their business through 2015, with 25%calling that increase "significant."

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"At a time when the regulatory focus has never been keener,financial services firms are taking a hard look at their existingstrategies and starting to identify where they want to extend theirbusiness to achieve growth," said Steve Culp, senior globalmanaging director for AccentureFinance and Risk Services in a statement. "Thewillingness to accept greater business risks will also exposefinancial services firms to emerging risks – including cyber, dataprivacy, reputational, social media and new conduct risks –requiring risk professionals to play an enhanced role."

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The findings were based on a survey of 450 senior riskmanagement officials in the banking, capital markets and insuranceindustries.

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