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RiskTech100® 2016

March 2016 • Ref RR1523 Research Report
Number of pages: 35 Single user license: FREE Download – Distribution Prohibited
Number of figures and tables: 7    

Overview

Welcome to the Chartis RiskTech100® report 2016. Now in its 10th year, the RiskTech100® is globally acknowledged as the most comprehensive study of the world’s most significant risk and compliance technology companies. This year we’re delighted to have additional insight from our research partners, Accenture and Parker Fitzgerald. Chapter four, sets out a joint Accenture-Chartis point of view article on the convergence of operational risk and cyber security. Chapter five shares a perceptive analysis by Parker Fitzgerald on how the current global digital transformation is reshaping the CRO agenda.

Chartis estimates the global expenditure on risk and compliance technology to be in excess of $100bn in 2016 and growing rapidly. This report covers the key market trends and ranks the top 100 technology vendors in this sector.

Over the last twelve months, “agile risk management” has emerged as a central theme for many of the companies we’ve spoken to, with leading financial and nonfinancial firms looking to increase flexibility and reduce “time to compliance”. The ongoing need to operate under ever tighter budgets is an additional incentive for simplification and automation. This trend has led to increasing use of cloud-based technologies and managed services. Overall, I think this is a healthy trend as we all need to do more with less and the need for efficiency and speed is resulting in a number of innovative solutions and business models (e.g. industry utilities for risk and compliance).

However, a note of caution regarding outsourcing risk and compliance processes and functions. One of the key lessons learnt from the financial crisis was how poor risk culture and ownership can be a root cause of financial instability and misconduct. We must think carefully about the kind of signals and messages that will be received by employees and customers if we outsource certain key risk management processes. If done right it will add value, but if done as a purely outsourced “tick box” process then it may go against the spirit of risk ownership and accountability.

This year we have had a record number of vendor applications for the RiskTech100®. This has had an impact on the number of new entries (see page 7). Also there have been a number of significant shifts in ranking position due to mergers and acquisitions.

Many of our readers will also be aware that Chartis has gone through its own M&A activity this year. Now part of the Incisive Media group we are delighted to be working with our new media partners Risk.net, Waters Technology, Central Banking, Energy Risk, Risklibrary.net, and FX Week.

I hope that you will enjoy our analysis of the risk technology market and find this report both valuable and insightful in the year ahead.