Simultaneously, firms are reversing the last decade’s trend towards greater centralization of risk management. With greater decentralization of operational risk responsibilities, firms are shifting investment from the second line of defense (risk functions) to the first line of defense (front office).
This report covers the competitive landscape for operational risk management systems. The range of solutions and functionalities offered by vendors can make it difficult for buyers to decide which solution best suits their operational risk needs. Consolidation of vendors, increasing requirements and demands from buyers, and continued innovation has altered the operational risk technology landscape.
This report uses Chartis’s RiskTech Quadrant® to explain the structure of the market. The RiskTech Quadrant® uses a comprehensive methodology of in-depth independent research and a clear scoring system to explain which technology solutions meet an organization’s needs. The RiskTech Quadrant® does not simply describe one technology solution as the best operational risk solution; it has a sophisticated ranking methodology to explain which solutions would be best for specific buyers.
This report covers the leading vendors offering operational risk solutions for financial institutions, including BPS Resolver, Chase Cooper, EMC-RSA, IBM, Mega, MetricStream, NASDAQ OMX-BWise, Oracle, Protiviti, SAP, SAS, SunGard, Thomson Reuters, Wolters Kluwer FS, Wynyard, and YarcData.
Table of contents
- Executive summary
- Demand-side analysis
- Increased demand for ORM
- Convergence of ORM with other functions
- Overlap between ORM and Credit Risk Management
- Convergence of financial crime systems and ORM
- Convergence of operational risk management and regulatory compliance
- Model Risk
- Focusing on business benefits instead of compliance
- Technology requirements
- Data management
- External loss data
- Document management
- Real-time assessment and monitoring
- Risk and Control Self Assessment
- Risk intelligence and visualization
- Workflow and action management
- Process mapping/modeling
- Integrated ORM and Financial Crime Risk Management systems
- Collaboration and feedback
- Data management
- Vendor Landscape & RiskTech Quadrant™ for Operational Risk Management Systems
- Vendor Landscape
- Selected vendor profiles
- Appendix A: RiskTech Quadrant™ Methodology
- Appendix B – Operational Risk Management Systems Vendor Evaluation Form
- Further Reading