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Gain Insights into Current Trends and Challenges Impacting the Financial Services Industry

Oracle Ranked as Category Leader in 2016 Chartis RiskTech 100®

Chartis, a leading provider of research covering the global market for
risk management technology, recently released the 2016 Chartis
RiskTech 100®
. Now in its
10th year, this report is globally recognized as the most
comprehensive study of the world’s most significant risk and compliance technology
companies; Oracle ranked as a category winner in the following categories:

  • Core Technology
  • Risk Data Aggregation & Reporting
  • Geographical sector: Americas

In addition, Oracle moved up to #4 in the
overall ranking from #6 the last 2 years.

The report, conducted by a leading team of
analysts and advisors from the risk management and financial services industry,
surveyed a record number of vendor respondents globally.  The RiskTech100®
companies are drawn from a range of risk technology specialisms, meeting
the needs of both financial and non-financial organizations. However, they
share a number of qualities that rank them among the top 100 risk technology
providers in the world. The rankings are drawn up based on the following classifications:

Source: Chartis RiskTech
100®, December 2015

The study evaluated Oracle Financial
Services
risk management solutions
including
credit
risk management
, operational
risk management
, liquidity
risk management
, stress
testing
, anti
money laundering
and fraud,
model
risk management
, and including those around risk
data aggregation
, Basel
regulatory capital
, IFRS
9
, and risk-based compliance platform and technology.  The findings
revealed the strength of Oracle’s technology – the OFSAA portfolio of
applications. 

These rankings prove Oracle’s commitment to being
the market leader and optimal technology partner for financial services
institutions needing solutions to solve specific risk and performance
management, regulatory and compliance issues.  We are pleased to be
recognized by Chartis as one of the top providers of Financial Services
Analytical solutions in the market today. 
Click here to learn more about our financial services
solutions and offerings.

In addition to the ranking, the report
highlights key trends for the coming years. Chartis estimates the global expenditure on risk and compliance
technology to being in excess of $100bn in 2016 and growing rapidly. With this
rapid growth comes new challenges and new opportunities in remaining compliant
and minimizing the organization’s overall risk. Over the last year, the financial services industry has seen trends
around enterprise-wide risk management shift slightly from the way it’s been
approached in the past. Financial
institutions need to be more agile and have the flexibility to reduce time and
cost to compliance. Automation and
simplification have resounded over the recent months.

Key trends moving into 2016 and beyond
include:

  • Enterprise governance, compliance and operational risk
  • Risk data aggregation and reporting
  • Enterprise stress testing and model risk management
  • Financial crime risk management and cyber security
  • IFRS 9

Financial institutions and their executives
are under increased pressure on many different fronts: more stringent
regulatory requirements that lead to top- and bottom-line challenges; changing
customer requirements – demand for more individualized relationships and
offerings; challenger institutions and FinTechs eager to make their mark and
erode bank market share; financial crime and fraud continues to rise in
frequency, complexity, and scope. Not to mention that each different executive
has their own set of challenges, yet they are all working towards the same
goal: compliance, profitability and customer satisfaction.

Partnering with a vendor that offers a unified
data foundation, platform and applications for integrated risk, performance,
customer insight, compliance, and reporting with full management and regulatory reporting will help your
organization accomplish the laundry list of requirements for each role while
eliminating data silos
poor data quality and
painful processes for regulatory submissions.

Is your organization moving towards a unified
platform? Do you agree with the report’s findings? I would love to hear your
thoughts.

Ambreesh Khanna is the Vice President of Oracle Financial
Services
Analytical
Applications.  He can be reached at
ambreesh.khanna AT oracle.com.

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