Operational risk management has always been a vital function for financial services. Operational risk management abbreviated as ORM, is a cyclic process which includes factors such as risk assessment, risk decision making, and implementation of risk controls to recognize, mitigate and avoid risk. Operational Risk Management in Financial Services is evolving as a dynamic business promoter, focusing on operational risk arising from internal business model, enterprise workforce, customer preferences, regulatory compliance both at regional and global level and fraud risk. Here comes the ORM solution in picture which includes promoting a risk aware culture in the enterprise, identifying and reporting operational risk information, reduce unexpected losses by regulatory compliance at all levels, holistic understanding of risk and its possible losses and finally establishing a consolidated view of risks, controls and workflow processes. Financial Services Operational Risk Management Solutions is all about creating a link between operational risk and risk- related solutions that reinforce technology with deep expertise of financial risk solutions.
Financial Services Operational Risk Management Solution Market: Drivers and Restraints
The biggest driver for financial services operational risk management solution market is that it confirms that enterprises are optimally insured at all levels of operations. Continuous increase in the scale and complexity of financial institutions along with fast paced financial transactions is another driver of operational risk management solution in financial services. Risk management solution also helps in assessing the position of the financial institution in the market with a single and wide view of business processes such as cash flow analysis while lending loans. Growth in number of cyber-attacks on business models and critical data of the financial enterprises is also a driving factor for this market.
Despite the benefits of operational risk management solutions, financial institutions struggle in identifying the key parameters for risk identification and also suffer due to fluctuating regulatory policies. Hence they are inefficient in extracting full potential of operational risk management solutions. This causes hindrance in the growth of market. Dramatic change in customer expectations, demands the need of innovation in operational risk management solutions. If this is lacking it results in the lack of vision in overall strategy of the organization which is also one restraint in this market.
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Financial Services Operational Risk Management Solution Market: Segmentation
Financial services operational risk management solution market can be segmented on the basis of end user, type and region. End user category includes banking, insurance, stock market, wealth management, mutual funds and tax consultants. On the basis of type it can be further segmented as fraud risk, human resource risk, model risk and legal risk. Region wise, Financial Services Operational Risk Management Solution Market can be segmented into North America, Latin America, Asia Pacific, Japan, Eastern Europe, Western Europe, and Middle East & Africa.
Financial Services Operational Risk Management Solution Market: Regional Overview
North America and European market is on top and is expected to dominate the market in the future due to presence of big financial enterprises in these regions. Asia Pacific is identified as the fastest growing market due to growing economy, fast pace of transactions, and huge customer base. Latin America and Middle East is also catching up with this market at a considerable pace.
Financial Services Operational Risk Management Solution Market: Key Players
The key vendors offering operational risk management solutions for financial services include Oracle, SAP SE, SAS Institute Inc., MetricStream Inc., Thomson Reuters, eFront, Enablon, Fair Isaac Corporation, Wolters Kluwer Financial Services, ClusterSeven, Chase Cooper Limited, and BWise.
The report covers exhaustive analysis on:
- Financial Services Operational Risk Management Solution Segments
- Financial Services Operational Risk Management Solution Market Dynamics.
- Historical Actual Market Size, 2014 – 2016.
- Financial Services Operational Risk Management Solution Market Size & Forecast 2017 to 2027.
- Value Chain
- Financial Services Operational Risk Management Solution Market Current Trends/Issues/Challenges.
- Competition & Companies involved
- Financial Services Operational Risk Management Solution Market Drivers and Restraints.
Regional analysis for Financial Services Operational Risk Management Solution Market includes development of the market in the following regions:
- North America
- Latin America
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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