This year we welcome back our research partner for the RiskTech100®, Accenture. Accenture’s perceptive analysis of how the risk technology market is evolving appears in chapter four of this report. We also warmly welcome our media partners, RiskTech Forum and S&P Capital IQ.
On the demand side of the market for risk technology, firms continue to increase spending. Most of this growth is fuelled by the changing requirements and regulations within the financial services industry. Chartis forecasts global risk IT expenditure in financial services to exceed $30bn by 2015. However, other industry sectors such as energy, commodities, telecommunications, and government are also experiencing increased demand due to ongoing enhancements to regulatory and corporate governance standards. For many firms, the key challenge is achieving the right balance between short-term, compliance-driven tactical risk IT projects and the establishment of a long-term strategic enterprise technology architecture for risk and compliance management.
On the supply side, Chartis has noticed an expansion in the use of new technologies, as vendors are employing real-time systems, unstructured data analysis, artificial intelligence, cloud and mobile technologies in order to effectively manage the extraordinary data (Big Data) demands of enterprise risk management.
The risk technology vendor landscape is also showing an increased appetite for strategic alliances and mergers or acquisitions, as vendors look to enhance their current product or technology capabilities and establish new channels to expand their sales and marketing reach.
As well as tracking the latest trends and developments in the risk technology marketplace, this report is designed to highlight some of the most dynamic and innovative vendors for key sub-segments and categories (see Category Winners on page 24). I trust that it will prove both valuable and insightful.