RiskTech100® 2021 ranking marks 15 years of the Chartis View

Chartis Research will publish its annual RiskTech100® report – its flagship ranking of the top 100 players in risk technology markets – on Wednesday 18 November.

The publication of the report follows the announcement of this year’s category award winners, which for the first time in RiskTech100®’s history will take place as an online ‘event’. In fact, 2020 – this most extraordinary of years – marks something of a landmark for Chartis and RiskTech100®. For 15 years RiskTech100® has been the go-to place for clear, accurate and independent analysis of the risk technology marketplace and the companies doing great things within it. Chartis’ globally acknowledged ranking continues to provide a valuable benchmark for all players in the industry – a vital bellwether of where RiskTech is now, and how it continues to evolve.

Tracking transformation

In the past 10 years or so, the risk technology landscape has been transformed. New regulations and accountancy standards, many issued in the wake of the 2008 financial crisis, have forced financial institutions (FIs) to examine and redesign their technology operations in new ways. And as digitalization and data have swept across the financial services industry, the sophistication of analytics is bringing about its own revolution, as FIs across the sector find more appropriate uses for analytical tools and techniques. In some areas of RiskTech – notably credit risk and governance, risk management and compliance (GRC) – digitalization and the transformation of analytics have caused deep structural changes to operations, processes and systems, changes that will have profound implications for FIs and vendors alike. 

And then there’s COVID-19. Much like the financial crisis before it, this latest global upheaval is likely to have lasting (albeit uncertain) effects on RiskTech systems and processes, notably – and not coincidentally – in the areas of credit risk and GRC. Crucially, though, rather than creating new problems and issues in financial sectors, the pandemic may simply be highlighting and amplifying concerns that were already there.

The chief remit of any research house is to identify market trends and predict how they will develop and shape the landscape as technology and business models evolve and adapt. In the 15 years that Chartis has been analyzing RiskTech markets, it has always trained a steady, objective gaze on evolving technologies and their application. As a result of the changing technology landscape, especially one altered by COVID-19, we are continually finding new areas to explore and analyze, with often complex nuances that must be carefully examined and evaluated.

A new, expanded analysis

Reflecting this evolution, RiskTech100®’s fifteenth iteration offers several features and highlights:

• Updated rankings of the top 100 players in the RiskTech sector.
• Recognition of vendors across a broader range of categories than ever before. Driving this is an expansion of our research and analysis into important new topic areas, including operational technology, supervisory technology, and many aspects of the buy-side. 
• More Rising Stars – companies whose innovative technology and approaches have made them ones to watch. Almost 30 Rising Stars are highlighted this year, reflecting the vibrant ongoing innovation in the RiskTech space.  

Assessing the Chartis View

In previous RiskTech100® reports, alongside the central rankings, we have traditionally featured two additional chapters: a ‘Key highlights’ section, summarizing our research output since the previous report, and a featured article on a specific research topic. (In recent years these topics have included our ongoing research into risk-aware accounting and the use of quantitative and statistical methods in the finance industry.)

In this milestone year, however, we thought we’d do something different. In four short articles in the 2021 report we assess the view of RiskTech that we have developed and refined over the years. Looking back at some of the key research trends we’ve covered recently, we highlight where the Chartis View has ultimately been borne out by market events – especially in three specific areas where we’ve been focusing our research, and where we expect more important developments in future: artificial intelligence (AI), credit risk and GRC.

Any research and analysis, of course, is always viewed through the lens of the overarching forces shaping the landscape. In the case of our RiskTech research of the past few years, these can be summarized as ‘digitalization’, ‘hype’, and the ‘Rule of 10’ (not forgetting the unexpected but often transformational role of crises like COVID-19). In the report we consider these factors in more detail, drawing on examples of our own research – into cyber and blockchain – to consider how, for the most part, our analysis has again been borne out by market events. Finally, we list some of the areas we will focus on in future, to ensure we maintain a leading independent voice in RiskTech research.

RiskTech100® remains the cornerstone of our strategy of defining, researching and understanding the ever-changing RiskTech market in all its complexity. This year has been a challenge, but we believe that we have emerged stronger as a result, while the RiskTech100® rankings serve as a testament to the importance and resilience of many players in RiskTech markets.

The RiskTech100® 2021 online awards event, and the accompanying report – which is free to download – will be available on Wednesday 18 November.

For more information, visit www.chartis-research.com and/or contact info@chartis-research.com.