Chartis RiskTech100(TM) Report Reveals Major Gaps in Financial Institutions' Risk Management Strategies, and Increases in 2010 Technology Expenditure

LONDON, Oct. 29 /PRNewswire/ -- While most financial institutions do not have a comprehensive or well-formulated strategy, most will increase risk technology expenditures in 2010, according to the latest findings from Chartis Research.

Chartis Research, the leading analyst for the risk technology marketplace, has released its latest global rankings of the top 100 risk technology vendors, the RiskTech100(TM). The report contains the key results of a survey of 824 risk technology buyers and end-users and reveals that 57% of respondents believe that their firms' approach to enterprise risk management can be characterized as "a set of tactical/reactive initiatives addressing specific gaps" (18%), or "a loose concept that is not fully defined with partial sponsorship from the board of directors" (29%), or "no current strategy or plans in place" (9%).

On a positive note, 66% of respondents expect to increase their risk technology expenditure by 10% or more in 2010.

"The growth in expenditure on risk technology is fuelled by increasing interest in corporate governance and risk-based regulation," comments Peyman Mestchian, Managing Partner at Chartis, "however, many risk technology buyers have learned the expensive lessons from Sarbanes-Oxley and Basel II and are looking for smarter, more integrated approaches to implementing risk management systems and breaking down the traditional silo-based approaches."

On the supply-side of the market, SAS, Algorithmics, SunGard, Oracle and Fiserv occupy the top five places in the RiskTech100(TM) rankings. Geographically, the list is dominated by the US with 47 firms, followed by the UK with 21.

"Risk technology vendors with a clear strategy for providing a 'one-stop-shop' are winning," comments Mestchian. "Technology vendors with point-solutions addressing a narrow set of problems will find it challenging to increase their market share."

The full report can be obtained, free of charge, on www.chartis-research.com.

About Chartis Research:

Chartis is the leading provider of research and analysis on the global market for risk technology. Its goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. Chartis helps clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. This includes technology solutions for managing:

• Credit risk
• Operational risk and GRC
• Market risk
• ALM and liquidity risk
• Financial crime risk
• Insurance risk
• Regulatory requirements including Basel II and Solvency II
  

    For further information contact p.mendoza@chartis-research.com
    Pat Mendoza
    Chartis Research
    + 44 (0) 20 73213852

SOURCE Chartis Research