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From Kirsten Bischoff, Opalesque New York: Research firm Celent’s recent report on IT spending in the financial services industry does not bode well for financial technology advances in 2009. However, while the research firm anticipates banking technology spending to be minimal in 2009 and expand only slightly (3.9%) in 2010, one of the areas banks will be focusing on is risk management.

VIDRIO Financial, which provides clients with a due diligence and a risk oversight infrastructure platform, is one firm seeing such continued growth. VIDRIO announced in September that it had gained the alternative asset portion of Teacher Retirement System of Texas’s $107.5bln trust fund as a client, and spoke to Opalesque about the subtle changes 2008 brought to attitudes towards risk management by both hedge fund managers and investors.

“I’ve seen a big change over the past 12 months. Whereas in the beginning of 2008 our clients would say, ‘if a manager refuses to give transparency to VIDRIO we’ll deal with it’; more recently, clients now say, ‘if a manager refuses to give transparency to VIDRIO we will redeem” said Simone Sobel, Director of Business Development at VIDRIO Financial. VIDRIO, a risk oversight and due diligence company, utilizes the system and tools developed by Focus Investment Group over the course of 15 years in order to manage its own investment process.

Managers finally reading the manuals......................

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