RiskTech100

2024
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Chartis focuses on risk and compliance technology,

giving it a significant advantage over generic
market analysts.

The firm has brought together a leading team of

analysts and advisors from the risk management
and financial services industries. This team
has hands-on experience of developing and
implementing risk management systems and
programs for Fortune 500 companies and leading
consulting firms.

Visit www.chartis-research.com for more

information.

Join our global online community at

www.risktech-forum.com.

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 RiskTech100
2024

Table of contents
1. Foreword 5

2. Introduction: 2024 and beyond 6

3. Overview 7

4. Context: Spoiled for choice? Picking the right risk management solution 9

5. Chartis’ research: Key highlights 17

6. RiskTech100® 2024 rankings 22

7. Category winners 26

8. Appendix A: Research methodology 31

9. Appendix B: How to read the RiskTech100® rankings 32

10. Further reading 34

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List of figures and tables

Figure 1: RiskTech100® 2024 taxonomy 8

Figure 2: The technology ecosystem now has multiple options 9

Figure 3: The range of available database and data management options has
broadened dramatically 12

Figure 4: A wide array of data-parallel programming accelerators and pull

factors 13

Figure 5: Enabling tools for parallel programming come in many flavors 13

Figure 6: The rapidly growing universe of commercial data 14

Figure 7: The ongoing transformation of the architecture of lending and

credit risk 14

Figure 8: A growing credit market 15

Figure 9: Commercial data, and why the landscape is changing 15

Figure 10: Explosive growth of the data ecosystem 16

Figure 11: Analytical techniques as a driver 16

Table 1: RiskTech100® research methodology 31

Table 2: RiskTech100® assessment criteria 32

Table 2: RiskTech100® assessment criteria (continued) 33

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2024

1. Foreword
Mark Feeley
Global Brand Director

I’m delighted to welcome

you to RiskTech100® 2024.
The most comprehensive
independent study of
the world’s major players
in risk and compliance
technology, RiskTech100®
is globally acknowledged
as the go-to place for
clear, accurate analysis of
the risk technology marketplace. Together with its
accompanying awards, the RiskTech100® ranking
provides a valuable assessment and benchmarking
tool for all participants in risk technology markets.

This year, change is again on the agenda. As we

outline in our featured article, the main themes
in the technology landscape recently have been
change and choice. While financial firms are
enjoying ever more risk technology options,
the sheer range available can be confusing. In
our article we discuss some of these options,
and what they might mean for the future of the
landscape. And when we consider changes that
are shaping risk and analytics markets, we don’t
just look at the first-order changes (such as the
growth of AI or the cloud), but also the many
structural changes occurring in the overarching
ecosystem (including the technology foundations
and impacts on business structure).

In some ways, the RiskTech100® report itself has

changed too (and not just in its color scheme).
It now focuses mainly on Chartis’ view of the
market, and its ongoing research, and how these
will guide and shape our future endeavors. And, as
always, we highlight the innovation and expertise
of the companies that continue to do great things
within this space.

Finally, it only remains for me to congratulate

all the featured vendors, and to look forward to
another vibrant and successful year.

Enjoy the report!

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2. Introduction: 2024 and beyond

Sid Dash Technology has driven the evolving supply side,
Chief Researcher but equally powerful forces have been at work
on the demand side too: structural shifts in credit
For almost 20 years, markets, the broadening of analytics styles,
RiskTech100® has volatility in interest rates and the macroeconomic
been a lens through environment, and the overall regulatory response
which we can to these changes. These have been creating
examine the risk their own shifts in the risk technology landscape.
technology landscape Increasingly, we believe that regulators will react
and ecosystem. to the restructured credit markets (and other
As always, it seeks market changes) by heightening regulatory and
to capture and analyze trends and dynamics in disclosure requirements, and possibly even
the evolution of risk management technology providing access to central bank liquidity for non-
across a variety of institutions. Capturing all of banking institutions.
the many themes and sub-themes in the market
is a challenge. But the goal of this ranking report, Meanwhile, the drive toward net zero (and the
and our follow-up in-depth research, is always restructuring of energy markets) will have major
to accurately reflect how the development and consequences for all markets and the operational
consumption of technology has been changing. components of all organizations. Combined
with a heightened focus from regulators on
In some ways, the broad, overarching themes financial institutions’ operational frameworks, the
that have shaped RiskTech100® 2024 – and which continuing expansion of the risk and regulatory
we explore in our research and summarize in this ecosystem will pose important structural questions
report – are the consequences of digitization. This for financial institutions. Chartis – as it always does
major trend has catalyzed several key structural – aims to answer them.
developments in risk technology implementation by:

• Opening a new chapter on governance and

control.

• Increasing the commoditization and

standardization of data-parallel programming.

• Allowing more granular process control and

access to operational data.

• Enabling the continued expansion of database

and data management options, and an
increasingly multi-lingual programming
environment.

And, of course, it has enabled the rapid and wide

availability of ‘industrialized’ artificial intelligence
(AI), which has made several technologies and
development environments more available (and
familiar).

These supply-side trends and dynamics have been

evolving for many years and, as our readers will
recognize, have been a significant focus of our
research for some time. Crucially, we believe that
the confluence of these themes we are seeing
today has become entrenched, and that these
intersecting trends are now truly mature.

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3. Overview
The companies in RiskTech100® are drawn from a • Encompass (98)
range of risk technology specialisms, and meet the
needs of financial and non-financial organizations. They • MyComplianceOffice (100)
share a number of qualities that rank them among the
top 100 risk technology providers in the world. 24 firms rose in the rankings by 5 places or more:

We determine our rankings based on the • Diligent moved up 29 places, from 92 to 63.
classifications shown in Figure 1 on page 8, and focus
on solutions, industry segments and success factors.1 • Featurespace moved up 26 places, from 94 to 68.

Note that the RiskTech100® report only includes • ServiceNow moved up 15 places, from 37 to 22.
companies that sell their own risk management
software products and solutions. • Integro Technologies moved up 15 places, from
80 to 65.

RiskTech100 2024®: highlights • Feedzai moved up 13 places, from 48 to 35.

Moody’s remained in the number 1 spot, while • Archer moved up 13 places, from 57 to 44.
SAS rose one place into second, and Murex and
Adenza moved into the top 10. • zeb moved up 13 places, from 99 to 86.

There were 19 new entrants this year: • QRM moved up 12 places, from 53 to 41.

• TCS (ranked 29) • PwC moved up 11 places, from 39 to 28.

• KPMG in India (46) • RiskSpan moved up 11 places, from 62 to 51.

• CRISIL (49) • Ripjar moved up 10 places, from 72 to 62.

• Fintellix (50) • Azentio moved up 9 places, from 66 to 57.

• EY-Nexus (54) • CubeLogic moved up 9 places, from 75 to 66.

• SIX (56) • SAP moved up 7 places, from 46 to 39.

• Provenir (61) • ICE moved up 6 places, from 32 to 26.

• Oxane Partners (72) • Regnology moved up 6 places, from 33 to 27.

• MatLogica (74) • MathWorks moved up 6 places, from 70 to 64.

• ZE (75) • Surya moved up 6 places, from 76 to 70.

• Fusion (77) • BCT Digital, Bahwan CyberTek Group moved up

6 places, from 77 to 71.
• Scila (82)
• RiskScreen moved up 6 places, from 85 to 79.
• ActiveViam (84)
• Camms moved up 6 places, from 86 to 80.
• Tookitaki (88)
• Quantifi moved up 5 places, from 36 to 31.
• Global Valuation (91)
• Abrigo moved up 5 places, from 41 to 36.
• Xapien (94)
• Appian moved up 5 places, from 50 to 45.
• Topaz (95)
1
Note that some categories in energy and quantitative methods are now covered in our Energy50 and STORM rankings and analysis.

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Figure 1: RiskTech100® 2024 taxonomy

Chartis Industry
categories categories
Functionality
Core Technology
Strategy
Customer Satisfaction
2024 Banking
Buy-side
Corporations
Insurance
Market Presence Trading & Capital Markets
Innovation

Solution categories
Artificial Intelligence for Banking GRC – Analytics
Artificial Intelligence for GRC GRC – Audit
Artificial Intelligence for Unstructured Data GRC – Content
Asset and Inventory Management GRC – Data Privacy Management
Balance Sheet Risk Management GRC – Digitization and Control
Behavioral Modeling GRC – EGRC
Capital Optimization GRC – IT Risk
CECL GRC – Operational Resilience and Business Continuity
Climate Risk GRC – Operations Risk and Process Control
CLM for Investor Services GRC – Supply Chain Risk
CLM for Markets GRC – Vendor/Third-party Risk
CLM for Wealth Management IFRS 17 – Accounting Systems
Commodity Trading Risk Management (CTRM) IFRS 17 – Data Management and Reporting
Communications Archiving and Controls IFRS 9
Communications Monitoring Integrated Trading and Risk Management
Conduct and Controls KYC Solutions
Credit Data – CLO LDTI
Credit Data – CMBS Lending Operations – Collateral
Credit Data – Corporate Bonds Lending Operations – Limits
Credit Data – Credit Curves Lending Operations – LOS
Credit Data – SME Liquidity Risk
Credit Data – Wholesale Managed Services – Credit Risk Management
Credit Risk for the Banking Book Managed Services – Financial Crime
Cyber Risk Quantification Model Risk Management
Data Integrity and Control Model Risk Quantification
Enterprise Cashflow Management Model Validation
Enterprise GRC Model Validation – Supporting Tools
Enterprise Stress Testing Regulatory Intelligence
Environmental, Social and Governance (ESG) Regulatory Reporting – Banking
Evaluated Pricing and Data – Credit Regulatory Reporting – Insurance
Evaluated Pricing and Data – Fixed Income Regulatory Reporting – Markets and Securities
Evaluated Pricing and Data – Multi-asset Risk and Finance Integration
Evaluated Pricing and Data – OTC Derivatives Risk as a Service (RaaS)
Facility Management and Control Risk Data Aggregation and Reporting – Banking
Finance and Accounting – Accounting Frameworks Risk Data Aggregation and Reporting – Complex
Finance and Accounting – Cross-industry Support Data/Alt-data
Finance and Accounting – Data Management Risk Data Aggregation and Reporting – Markets
Financial Crime – AML Supervisory Tech (SupTech)
Financial Crime – Data Trade-based AML
Financial Crime – Enterprise Fraud Trade Surveillance
Financial Planning Systems Treasury Platforms
Front Office Risk Management xVA
FX Risk and Trading

Source: Chartis Research

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4. Context: Spoiled for choice? Picking the right

risk management solution
A combination of structural and other factors is throwing open the technology landscape and presenting
users and vendors with a glut of options to choose from. For many firms, this new tech diversity may be too
much to cope with, but choosing the right strategy is now more important – and challenging – than ever.

Option overload: making sense Figure 2: The technology ecosystem now has multiple options
of a changing tech landscape
Hardware and new ways of combining them are powerful
tools, but continue to be underestimated
The history of risk management software has
been characterized by a relative dearth of suitable
technology, and a misalignment of available
technologies with firms’ algorithmic and data Revolution New
New array- A software
in availability programming
requirements. With some notable exceptions, friendly infrastructure
of hardware language
data stacks revolution
risk management analytics (and all related areas stacks ecosystems
of technology) are oriented strongly toward
data-parallel algorithms and array-oriented data
management frameworks. But the technology
available to firms has rarely aligned with these
broad structural requirements.
Cloud provides many options and several challenges
Specialist platforms have always been available, of
course, and array-oriented software and tools have
been standard for some time in some industries PaaS
(such as healthcare). And many niche tools have IaaS
provided appropriate capabilities for areas of
financial analytics that could not operate without
these options. SaaS
HPC DaaS
clouds

More recently, however, a combination of factors

– overarching structural change, the emergence of
enabling technologies in risk management, and the
Source: Chartis Research
maturation of other key technologies – is creating
a vast and varied set of options and choices.
We have moved from a broad technological What’s changed, and what does
perspective with relatively few choices to a glut of
possibilities (see Figure 2).
it mean?
But varied as they may be, these options can be as In the past several years, changes in four main
confusing as the vast array of products on display areas have altered the way that risk management
on supermarket shelves. There are even many and systems are built:
varied options in each technology sub-segment. In
this article, a precursor to a more in-depth analysis, • Artificial intelligence (AI) and associated
we examine the various options available in all techniques (including machine learning [ML],
major areas of technological change, and what natural language processing [NLP] and, more
firms should consider as they peruse the shelves broadly, heuristics).
and attempt to decide the options that are best for
them. • The cloud ecosystem (including grid on the
cloud).

• Open-source ecosystems.

• Data, including:

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o Architectures. Exploring the four areas of

o Databases and data management
change, and their implications
infrastructure.
AI: more use, more questions
o Data-parallel hardware and programming.
The term ‘artificial intelligence’ covers a wide
o The expanded commercial universe. range of statistical techniques, and there is still
considerable disagreement about which actually
These changes have helped to trigger a huge qualify as ‘AI’. AI tools are used extensively in
increase in the technological options available. financial services (in a broad range of areas, but
with data and data management being the main
Besides an overwhelming range of technological drivers), creating demand for specific hardware.
changes, in the past decade we have also seen The most recent AI techniques (such as generative
deep and significant changes in market structure AI) have fueled demand for a shift in data
and the organization of financial intermediaries. architecture, and specifically the requirement for
(The structural changes in credit intermediation, array or vector databases.
for example, provide hints as to the enormous
diversification that has occurred among In any case, ideal environments for ML-type
intermediaries.) models feature a data-parallel framework
(employing both computational and data
Finally, alongside this has been an equally infrastructures), the most powerful of which is
dramatic, and related, growth in the range of the graphics processing unit (GPU). But despite
commercial and institutional architectures now in the seemingly easy fit between original AI
use. This diversity is also increasing exponentially algorithms and GPUs, many ML models employ
in many other areas, each of which is becoming a a different form of data parallelism. Some
complete ‘universe’ in itself – and each of which alternative AI stacks use field-programmable gate
will require detailed exploration and a proper arrays (FPGAs) as a computational core, allowing
understanding. developers to custom design their data-parallel
frameworks.
Over the past few years we have established
that for most market participants, this diversity in The general adoption of AI, and generative AI
many areas – compared with the reasonably broad in particular, is having a deep impact on the
technology options previously available – often underlying technology superstructure (such as
gives them more choice than they care to evaluate. data, hardware adoption and cloud and cloud
infrastructure). As far as the risk management
Developers of risk management solutions ecosystem is concerned, this may be even more
must now closely examine the options they consequential than the impact on risk models and
have for databases, and in particular vector and methodologies.
array databases. Equally, they need to examine
their hardware environment to determine their The grid, the cloud and managed services:
acceleration options and data-parallel programming interlinked but distinct
style. For both users and suppliers of risk
technology, the act of choosing the right strategy At a conceptual level, grids, the cloud and
(and its analytical and data components) is more managed services transform and change the way
challenging – and pertinent – than ever before. that firms consume compute and data services, by
abstracting, distributing or blending computational
To help with these decisions, we provide – both services with operational support.
here and in future reports – a high-level overview
of different commercial and distribution options In some ways, the most important transformation
and consumption trends. We examine some of the in the risk management environment in the
options available in each of these areas and argue past decade has been the emergence of grid
that, regardless of the nature of the business or computing on the cloud. Historically, much
specific analytical methodology employed, careful attention has been paid to ‘shared-nothing’ grids,
examination of the available options is critical. which are relatively easy to assemble. However,
many institutions that are running all their grids on-
premise have faced limits to how much they can
easily scale them in the short term. As a result,

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they have expended considerable effort attempting specific solutions. Here, the innovation is in
to harden grids, build optimal grid architectures, accommodating institutions’ specific needs (such
or ensure that the peculiarities of grid demand are as requirements around trust and security, scale,
taken into account during software design. the mix of asset classes, and so on).

Grid demand could, for example, experience low This potential for customization by internal
utilization throughout the day, but high utilization developers who best understand an institution’s
at very specific points – and this could overwhelm particular requirements helps to facilitate shorter
the communication infrastructure. Consequently, implementation timelines, while making it easier
certain grids may use special-purpose for firms to tailor the solution to their exact needs.
interconnects to enable high data transmission Rather than waiting for a vendor to respond to
during periods of significant demand for particular market demand and move to production, IT leaders
goods or resources. in capital markets divisions can quickly identify
avenues for advancement and start to construct
Design decisions systems that are optimized to exploit these
opportunities within a specific institutional context.
Grid design has been a significant dimension of Equally, for vendors, the ability to scale and provide
more sophisticated risk systems and has often flexibility in non-standard ways is critical.
been viewed as a competitive advantage for risk
management frameworks. In some ways, the The data dimension
design of grids has become less particular, focused
and structured, because vendors can spin up new Shifting data architectures and the problem of
nodes on demand. Longer-term, however, this can plenty
leave them economically exposed. In practice, the
continually falling cost of computational power The architecture and economics of the enterprise
has allowed firms that may or may not have the compute layer based on public, private, hybrid or
most optimally designed grid architecture to special-purpose data centers is now being examined
deliver their analytics at a reasonable scale with far more closely than ever before, and again – as
the key elements of timing, scalability and speed. with all parts of the technology ecosystem – there is
They can also avoid worrying too much about the a bewildering array of options.
deep internal components involved, or the optimal
computing environment they require. Public clouds from a variety of hyperscalers are
strong components, but not the only option.
Chartis believes that while this period of grid Even when a software developer (a vendor or an
development will never truly end, anyone who institution) selects a public cloud, there are many
wants to spin up new resources on a cloud will alternatives – including the extent to which they
continue to be able to do so quickly, and this will adopt the cloud provider’s tech stack.
remain an important variable in the future. However,
we also believe that firms should pay attention to However, special-purpose data centers are
key design issues, because over the long term making something of a comeback (in many
costs will mount, impacting operating margins. ways they never went away). In contexts
where data interchange is critical, or the data
Open source ecosystems: flexible and powerful is exchanged between operating infrastructure
and cloud/remote-service infrastructure (such as
The open-source software ecosystem is now so manufacturing, certain types of trading and energy
varied that firms and users require separate tools to systems), special-purpose data centers are strong
keep track of the range and variety of open-source contenders. Moreover, institutions are (or certainly
projects now available (more than a million projects, should be) closely examining the economics of
by some measure). In our view, while it is now architectural choices on the cloud.
increasingly possible to use open-source stacks in
every aspect of the risk management ecosystem, Structural bottlenecks
the real opportunity exists in leveraging open-source
frameworks as benchmarks, and as the basis of While analytical models more often than not
more complex build-outs. demand data in vector or array formats, relational
databases serve up data in a relational format,
Open-source software can offer other competitive which can then be translated into an array or vector
benefits for firms – its flexibility allows users to structure in-memory and served up to a specific
rapidly develop highly customized, institution- analytical application. But this creates structural

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bottlenecks – and for many of the historical risk Figure 3: The range of available database and data management
management systems built in the 1990s and early options has broadened dramatically
2000s, overcoming these was a critical variable.
How a system managed the transition between
relational and analytical infrastructure determined
its speed, performance and scalability. Diverse new tools Vector and array Non-relational
and data stacks for databases have architectures can
Several special purpose-built array databases have data lineage, become mainstream, enable highly scalable
aggregation, expanding out of their and flexible data
been designed to handle specific time series abstraction, etc. industry and management at a
throughout the financial services space, despite not sub-sector specifics. granular level.
being optimal for other types of time series. Slowly,
however, we have started to see an emergence of DATA INFRASTRUCTURE
more general-purpose vector and array databases.
As new applications (such as geological or Spatial Textual data
geospatial systems) have become more important, and graph management
databases
or now support ML and NLP frameworks, the range Data Data
of available array-oriented databases is now much grid lake
broader (see Figure 3).

And while most of these array databases were

built to handle specific business and technological
niches, there was some (albeit limited) cross-
leverage (borrowing from healthcare, for example).
Certain systems developed highly scalable array
databases oriented around large complex datasets.

Array and vector databases go mainstream

We have seen a huge increase in the number of

vector databases in recent years. General-purpose
Source: Chartis Research
vector databases have been rapidly evolving and
new tools to build on them are emerging. This shift While the drivers for this development have
has been heavily influenced by the development of been applications in other areas (such as data
large language models (LLMs). Nevertheless, this management, chatbots and games), users of
huge growth disguises several structural problems. risk management applications can use these to
understand (and where appropriate) exploit the
Different types of array structures are optimal strengths, weaknesses and variation offered by the
in specific contexts, which means that two widespread universalization of vector capabilities.
array databases may not exactly fulfill the same
programming requirements. In this context it’s The increased standardization and industrialization
important to understand several things: the nature of vector databases is both a vindication and a
of the array framework that has been enabled, if challenge for specialized pioneers in this space.
and how matrix management has been enabled, Nevertheless, this phenomenon opens up new
and the specific nature of the array optimizations avenues and rapid development options for
that have been enabled within the database. vendors and financial institutions. The widespread
Without a clear understanding of this, firms will use of LLMs is driving a broader adoption and
likely develop implementations of the vector availability of GPUs generally and vector databases
database that are sub-optimal. specifically, giving developers of risk systems new
and broader options.
The evolution and more widespread understanding
of vector frameworks for data is one of the more Data-parallel programming: market momentum
powerful dynamics that we believe provides
an enabling environment for risk management The story here is similar. Several approaches that
applications going forward. It enables once focused on specific niches are now part
programmers to build and optimize array-oriented of the mainstream programming ecosystem.
structures that are specific to their needs and Nevertheless, too many market participants seem
business contexts. to underplay – or do not even consider – the long
history of data-parallel approaches and available
frameworks and tools.

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The widespread availability of vector capabilities Figure 4: A wide array of data-parallel programming accelerators and
also means that they are natural maps for GPUs. pull factors
Consequently, we believe that data-parallel
programming will give risk management systems
considerable momentum, power and scalability in Advanced
heuristics
the long term (Figures 4 and 5).
Neural networks and
machine learning
But while data-parallel programming for many Automation
Natural
is currently synonymous with GPUs, this is not language
LLM
Traditional
necessarily accurate. GPUs represent one style of processing Deep
statistics
Speech
data-parallel programming. There are in fact several recognition
learning
Option-theoretic Copula-
different and distinct contexts in which data- Structured
approaches and
linearization
based
methods
Unsupervised
parallel hardware can operate: documents Language-specific learning
intermediates Factor, cluster, Stochastic
regression framework
Ensemble
• GPUs. Sentiment
models Function
approximation

• A combination of CPU plus GPU.

• FPGAs, with which users can – in essence – • Statistical and AI-driven The data-parallel programming
automation.
build a custom data-parallel architecture. universe has come of age. Fully fledged
• Process-driven automation. programming ecosystems (e.g., CUDA
• Large-scale, rule-driven multi- and many others) are available; there
The GPU style of data-parallel programming has portfolio optimization. are also many tools capable of
• Strategy-driven portfolio advice. accelerating the development of
become the dominant option, partly because data-parallel code. However, this again
• Visualization.
there is a very large industry outside finance • Risk posture analysis. poses the problem of plenty.
that supports GPUs – namely gaming. The CUDA
ecosystem has proved to be immensely popular
and – despite the alternatives – has helped to build Source: Chartis Research
a complete software ecosystem that has driven
the industrialization of data-parallel programming.
Figure 5: Enabling tools for parallel programming come in many flavors
The expanded universe of commercial data

Commercial data is often closely connected with Optimization

market data (the prices of bonds, securities, Domain-
equities and derivatives). However, the universe of specific AD
languages
commercial data is actually far broader (see Figure
6), and includes illiquid transactions, such as real Proxy Multi- Statistical
functions dimensional data filter
estate, physical commodities and logistics markets time-series
Statistical
(which in themselves are substantially larger than database
and AI
the market for securities). This is alongside other Array-oriented engines
programming Relational/
types of dataset, such as entity data (enriched languages and NoSQL
framework
and otherwise), energy and commodities data, data stores

physical and spatial data, and operational datasets Libraries

(which cover a very broad universe and can include In-memory Models
array
everything from balance sheet data to data about database
firms’ warehouse holdings).

Commercial data is an increasingly critical

component of decision-making across institutions,
and not just in trading units, Indeed, it is important
for many firms that lack any significant trading
businesses, and increasingly important for non-
finance firms. Source: Chartis Research

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The expansion of commercial data includes what is Figure 6: The rapidly growing universe of commercial data
commonly referred to as ‘alternative data’, and this
is complicated by a mixed assortment of firms and
data types (by some counts there are more than
4,000 alternative data firms in the market).
Energy Entity
data data
Our core observation, however, is that not only
is a broad set of firms looking to leverage this
opportunity, a very broad set of providers with
varying visualization, quantification, enrichment
Rapidly
and delivery models is providing these data growing
services. As we have noted before, the expansion universe of Illiquid
transactional
Derived commercial
in available and distributed data has had a complex data data
data
and relatively virtuous relationship with the growth
in analytics.

This shift has been reflected in our RiskTech100

across the years, as we have deepened our
analysis of the data-provision landscape and its Market Operational
data data
associated analytics and enriched datasets.

Credit considerations
Source: Chartis Research
Credit data is a large and complex ecosystem,
and within that universe, there is a significant and
Figure 7: The ongoing transformation of the architecture of lending
growing market for loans and loan data (see Figures
and credit risk
7 and 8). This market has expanded further as
International Financial Reporting Standard (IFRS)
9 and Current Expected Credit Losses (CECL)
have forced financial institutions to increase their Increasing complexity of credit analytics
disclosure requirements, calculate a significant set and associated infrastructure
of loan portfolio values and more effectively run their
loan books. As credit intermediation is increasingly Data Models Output
managed by a broader range of institutions (as seen
in the growth of private credit/direct lending, etc.),
we will see data needs broaden.

As the range and variety of credit intermediaries

broadens, and the nature of intermediation
continues to transform, we will continue to see
growth in demand for credit data. Some specific
types of credit data (such as commercial real
estate) may experience short-term demand
volatility; broadly, however, we see secular and Macro-
economics EWS CPM
long-term growth.

Other drivers of the expanding universe of credit

data include the growing importance of credit
issues in non-traditional areas (such as the supply
chains of non-financial companies) and the Simulation Behavioral
Curves & scenarios analytics
counterparty risk challenges facing energy firms.

Factors driving the rapidly growing credit data

ecosystem include the datasets (and often Source: Chartis Research
complex derived data) required for various credit
monitoring and control activities, such as early-
warning systems, credit portfolio management,
limit management and collateral management.

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 RiskTech100
2024

Figure 8: A growing credit market

Lending and
credit solutions

A broader set of Greater formalization

institutions offer of banking books’
banking-like products mathematical core

Growing competition Changing nature of

from non-banks risk analytics

Securities- Non-bank
residential Tailored Third-party Structured &
based lenders contingent
lending mortgage lending
loans lending

Purpose Varied Collateralized Lending Structured

(margin) and products and lending platforms and and contingent
non-purpose structures syndicates lending

New types of firms have new patterns of counterparty and credit data consumption
Source: Chartis Research

Credit risk models are becoming increasingly formal data, the biggest users of which tend to be in the
and structured, requiring a supporting infrastructure compliance environment. But there are also strong
of formal behavioral models (including retail client overlaps among entity data consumers within
aggregation frameworks, prepayment analytics, credit, particularly in the retail sector.
simulation engines, scenario and stress testing
capabilities, obligor curve management and credit Transformation and expansion
data management capabilities).
What’s driving this growth and transformation?
Finally, beyond transactional liquid or illiquid data, First, new types of analytics are enabling new
there is a significant market for data in areas such types of data to be published and commercialized
as energy, operational risk, environmental, social (see Figure 9). In some ways it is a virtuous cycle
and governance (ESG), climate risk and cyber risk. in which the availability of new types of data
Equally, there is a very large market for entity enables new analytics, and vice versa.

Figure 9: Commercial data, and why the landscape is changing

New market New business New and

structures and lines and open database New analytical
Digitization
disintermediation requirements environments tools

• New credit • Growth of • New types of • Rapid growth in • Sharply reduces the
markets (increased compliance and database enable alternative cost of data
focus on loans/ hence ALM, KYC the management analytical models production, storage
credit data). and other forms of of a variety of that leverage and distribution.
• New energy entity data. complex data types statistical Growth of managed
markets (logistics, • Supply chain and and many types of techniques, NLP, services and cloud
power market third party. data storage AI and simulation, implies more
details, operational capabilities. allowing access to new partitions.
• Physical trading in new types of data.
data). commodities drives
• New NLP tools • In-house
• New market (including • New ability to data is increasing.
physical, operational
participants – generative AI) have access and
and logistics data.
principally new made text and leverage complex,
players in energy, visual analysis low- nonlinear data
alternative finance – cost. types.
require external
data; lack
internal platforms.

Source: Chartis Research

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 RiskTech100
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In addition, new regulations and institutional types Figure 10: Explosive growth of the data ecosystem
have become more important. Together, these
CUSTOMER
parameters have sharpened the overarching focus
PERSPECTIVES AND
on the expanded universe of commercial data.
ALTERNATIVE DATA
This universe of data – and particularly credit and
Strategy and operational
operational data – has been expanding rapidly (see
intelligence
Figures 10 and 11), driven by both supply forces
(digitization allows easier-to-access and valuable
operational data, for example) and demand ones Energy and commodities
(such as new types of analytics). As organizations
continue to think about analytics in new ways Entity data (compliance
(including cyber risk quantification, incorporating and control/credit)
alternative data into credit and enhanced fraud
analytics, and a focus on entity-centric ways of
Illiquid transaction markets
thinking about individuals and firms), companies
including lending, loans, real estate
will need new streams of both standard and
aggregated data.1
Markets

Source: Chartis Research

Figure 11: Analytical techniques as a driver

Traditional pricing and modeling services

are part of the overall picture

Commodities, Supply chain

physical analysis, analytics, trade
contract analysis finance analytics

Compliance Operational
analytics resilience
analytics (cyber,
climate, ESG, etc.)

Source: Chartis Research

1
This article is a preview of a longer, more detailed supplement due from Chartis Research.

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 RiskTech100
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5. Chartis’ research: Key highlights

This section summarizes some of the research The need for broader, more efficient product
that Chartis has published since the last iteration offerings has encouraged vendors to adopt entity
of RiskTech100®.2 management and analytics systems, although
relatively few have deployed entity management
and analytics capabilities across their workflows.
Enterprise fraud Fortunately for many vendors, the diversity of data,
workflows and decisions that financial institutions
In a market still largely characterized by the large, require has created a range of exploitable artificial
complex frauds occurring in investment banking, intelligence (AI)-related opportunities that provide a
financial institutions and vendors are developing variety of niches for interested companies.
technological capabilities to address an ever-
evolving landscape of fraud. As regulators focus
on the importance of model risk management, Identity verification solutions
firms and vendors are having to integrate, test
and explain more complex models, and deal with Firms increasingly view the detection and
challenges around the vast quantities of data they verification of identity as vital in the successful
must now analyze and interpret. The increasing mitigation of risk. Identity verification (IDV)
‘commodification’ of AI, in the form of consumer- solutions are crucial for filtering out fraud early
friendly apps such as ChatGPT, could trigger a new on, and for addressing vulnerabilities that have
wave of fraud as criminals adopt these powerful become exposed in organizations, such as
tools. document manipulation, copy recognition and
incompatible data. Several market, regulatory
Meanwhile, the increasing speed with which and technology dynamics are helping to enable
companies and individuals can carry out payments financial firms and vendors to find a balance
is creating more opportunities for criminals to act between risk, compliance and user experience.
faster than some fraud systems can handle. Many While IDV was often a slow and manual process,
firms are beginning to realize that the cloud’s leading to long waiting times for customers and
benefits – scalability, flexibility and security – must an increased risk of fraud, solutions can now
be balanced with their own specific requirements. automate the IDV process, making it much faster
These dynamics are generating several themes and more accurate.
in the vendor landscape, as technology providers
address specificity, scale and connectivity, while But when choosing an IDV solution, firms must
also focusing more attention on model agility, also consider the complexity of the data, as well as
analytics and multi-channel capabilities. a solution’s accuracy and geographic coverage. The
best solution for a particular business or individual
will depend on their specific needs. Given that IDV
Entity management and can be subject to many nuances and regulatory
requirements, vendors are increasingly partnering
analytics with each other to offer customers a more
comprehensive and reliable service. To meet the
As financial institutions tighten up their challenges of the evolving IDV landscape, vendors
enterprise risk management, sanctions and anti- must also keep the end user in mind, ensuring
money laundering (AML) risks have emerged that their solutions are easy to use and provide a
in unexpected places. Consequently, firms positive customer experience.
are beginning to take a more holistic view of
intersecting operational and other risks and
are starting to develop an integrated approach, Payment risk
commissioning and adapting platforms to create
more effective FinCrime risk and compliance The landscape for payments is becoming more
programs. But to improve their detection of complex, as the number of alternatives grows.
money-laundering exposure, firms will need new Firms must now support more protocols and
tools, including specialist entity data and digital regional geographies, and increasingly at scale as
identity indicators. the infrastructure becomes disaggregated.

2
Note that the text in this section is taken from published reports, and therefore reflects Chartis’ analysis and viewpoints at the time.

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 RiskTech100
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Ongoing payment risks not only include standard Collateral management for
fraud and anti-money laundering (AML) risks, but
also those emerging from firms’ interactions with
capital markets
many third parties, as they – in effect – outsource
much of their operational risk. Several broad themes are shaping the current
market for collateral management systems. In
Currently, three macro themes are evident in the volatile markets, the uncontrolled deterioration
payments landscape: of collateral can spread rapid contagion, so
regulators want a more complete view of collateral
• Shifts in payment architectures. usage. Many firms are reviewing their collateral
management processes, not only to meet
• The widening of payment protocols. regulations but also because leveraging collateral
revenue possibilities can contribute to investment
• An increasing focus on software integration into returns. Collateral can open avenues for strategic
the payment stack. trades that maximize investment profits with well-
analyzed and designed funding channels.
Core payment protocols and elements of the
process differ by region or jurisdiction, making To realize the revenue and cost benefits that
software integration within the payment stack can be achieved by organizing collateral at
increasingly common and also shaping the way the enterprise level, financial institutions and
that firms integrate software into the stack itself. investment managers are implementing solutions
that can handle greater volumes and allocate
collateral with auditable location tracking for
Trade surveillance for equities recalls/substitutions when necessary. Competition
among vendors to offer a full, optimized solution is
Developments in equity trade surveillance transforming the landscape. Vendor offerings range
technology are being driven largely by the from specialty point solutions that target specific
increasing availability of data. As new data sources collateral issues (such as initial margin, variation
emerge and data collection tools proliferate, margin or tri-party repo) to integrated collateral
financial institutions now have access to vast management solutions with portfolio management
amounts of data they can use to detect and applications.
prevent potential trading misconduct. As a result,
solutions are becoming increasingly sophisticated,
and can now identify patterns and anomalies in real ESG data and scoring
time. Challenges, however, lie in huge quantities of
data, complex market structures and the growing The increasing need to align investments
need for real-time analysis. To address them, to environmental, social and governance
solutions are being developed with key areas of (ESG) regulatory reporting requirements and
focus, including real-time data ingest capabilities sustainability preferences among investors is
and a focus on time-series data. likely to spur demand for ESG-aligned investment
strategies – and ESG data and scoring products.
For vendors, key dynamics include the growing ESG has expanded from the core equity picture
importance of speed and scalability for trade across asset classes, including into several fixed-
reconstruction and other capabilities, new ways income categories and assets such as real estate,
to execute and integrate functionality, and leading investors to consider more carefully
the growing importance of infrastructure and how to integrate ESG metrics across asset
processing capability in institutions’ systems. classes. Different materiality factors are driving
And crucially, while the equity trade surveillance ESG analysis in different asset classes, and ESG
marketplace is characterized by several established investment strategists are looking at ESG factors
players and remains relatively static, there is a with greater specificity, as vendors align their
slow movement toward demand for more flexibility strategies accordingly.
within the space.
A full ecosystem of solutions has grown around
the sustainable investment management
lifecycle, including investor suitability checks
and questionnaires, ESG investment consensus
ratings, ESG market risk solutions, ESG
factors, managed ESG reference data services

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 RiskTech100
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and composite ESG scoring engines. Data workflows and employing statistical (and machine
management is becoming an increasingly learning [ML]/deep learning) techniques. In
important consideration, as asset managers addition, such tools and techniques as workflow
attempt to build data platforms by combining languages, natural language processing (NLP)
best-of-breed components from multiple technologies and easily accessible AI tools are
vendors, which are beginning to incorporate data increasingly available, transparent and designed for
management and data science capabilities to general-purpose use. Consequently, digitalization
enhance their solutions’ comprehensiveness. and controls are distinct yet intersecting
movements within GRC.

Order execution management

systems GRC for energy
Demand for governance, risk management
Although order management systems (OMSs) and compliance (GRC) systems for energy
and execution management systems (EMSs) organizations has grown dramatically in recent
have specialized features, merging them into years. The increased digitalization of the energy
the order execution management systems ecosystem, and greater interaction between
(OEMSs) category aligns with the evolution of the physical and digital worlds, has completely
the investment management lifecycle and the transformed the risk profile of energy firms and
cross-functionality between the sell-side and the created new complexities for them, some of which
buy-side, and better addresses modern investment are unfamiliar.
management trading requirements. Integration
across portfolio management systems (PMSs), The key challenge in the energy sector, however,
OMSs, EMSs and interoperable service modules is not necessarily new types of risk, but ensuring
helps managers improve efficiency and control the reliability and stability of physical systems.
system costs. Central to the availability of GRC systems for the
energy ecosystem is the interaction between
Investment managers are also eyeing trade physical platforms (networks, pipes, production
desk outsourcing as an alternative that offers a systems, etc.) and digital/software environments –
more dynamic and agile front-to-back technology alongside the need to control the risk management
platform. Moreover, as the number of merger and requirements it necessitates.
acquisition deals grows, so too does the need to
have a more dynamic and agile technology stack
that can allow disparate regional and remote teams Model risk management
to swap in and out of virtualized interoperable
microservice containers, within a cloud-native Chartis splits model risk management (MRM) into
infrastructure. validation and governance solutions, to reflect
the different types of vendor functionality in the
market, although elements of model validation
Digitalization and control and governance are increasingly converging.
While governance practices are formalized in
The digitalization of finance and the financial regulatory guidelines and business practices, they
components of corporations has transformed are also tightly coupled with underlying theoretical
enterprises’ exposure to information risk and led modeling frameworks.
to the introduction of new control strategies to
mitigate that risk. The digitalization of business As a result, model risk governance requires
information, along with the transformation of specialist tools such as inventory management and
workflows to digital environments, has made firms regulatory intelligence, which are not covered by
more able to track and mitigate information-related general GRC workflow tools. This has resulted in
risks. But companies are now more exposed to two types of technology vendor to operate in the
threats of information dissemination, unauthorized space: conventional GRC vendors and quantitative
access and unauthorized use, from both internal modeling vendors that have developed an
and external sources. additional governance solution.

Governance, risk management and compliance

(GRC) vendors have attempted to address these
risks by applying controls across various business

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KYC data and solutions ALM technology

Complex products and services have complicated The banking industry has faced substantial balance
the processes of identifying and managing risks, sheet challenges in recent years, triggered by
including those related to money laundering ongoing volatility and uncertainty around interest
and terrorist financing. To mitigate these risks, rates. Liquidity risk has evolved into high-profile
companies are prioritizing supply chain due deposit outflows, with ensuing solvency incidents
diligence, which increasingly encompasses for institutions such as First Republic and Silicon
supplier and customer assessments, transaction Valley Bank (SVB). For more than a decade, the
monitoring and compliance programs. This is banking sector has operated in a low interest rate
causing financialized corporations to intensify their environment, with the last comparable surge in
focus on compliance and customer onboarding to interest rates dating back to the 1980s. Current
address the risks inherent in the supply chain and continued hikes in interest rates by central banks, as
complex transactions. More firms are now looking they battle persistent inflation, mark the end of the
at hybrid solutions or staying with on-premise ‘interest rate holiday’ and the era of cheap money.
deployments.
The ramifications of relaxed balance sheet rigor
Some vendors are cautiously exploring the use and investment approaches designed for lower,
of generative artificial intelligence (AI) in KYC more stable interest rate regimes are playing
processes, particularly for generating reports and out in the mark-to-market losses for US banks,
analyzing negative news. While this technology prompting a wide range of institutions – including
offers new possibilities, it requires careful those in the ‘shadow banking’ industry – to re-
implementation and meticulous error-checking. The evaluate their asset and liability management
depth of data and its geographical specificity are (ALM) and investment strategies. The complex
expanding to encompass such areas as bribery, ALM framework broadly comprises funds transfer
corruption, forced labor and regional specifics. pricing (FTP), liquidity risk management (LRM) and
KYC solutions, meanwhile, are becoming more reporting, capital and balance sheet optimization,
complete, and now emphasize case management, and ALM analytics and quantification, and among
workflow, analytics, screening and due diligence. the key trends in the market is a renewed focus
on LRM and the adjacent focus on interest rate
risk, as well as trends in the regionally defined,
Actuarial modeling and fragmented vendor market.
financial planning
Credit risk reporting
The implementation of risk-based capital
calculations and risk-aware accounting standards The credit frameworks built by financial institutions
has put additional pressure on insurers to model are going through a technological revolution in
complex contingent cashflows accurately, and how they are used and analyzed. The influence of
to manage and hedge financial guarantees. emerging and innovative technologies is reshaping the
Overall, there is an ongoing restructuring and credit landscape, as financial institutions adopt cloud,
modernization of the analytical environment for managed services and emerging technologies, and
insurers generally and life insurance firms in add data and analytics elements to the entire credit
particular. value chain. This is making the credit lending business
more efficient and profitable, while at the same time
New product strategies, complex market mitigating the associated credit risk and enabling
dependencies, increased data availability firms to comply with regulatory requirements.
and evolving capital and risk requirements
are all shaping firms’ analytics demands and In this context, the market landscape for credit
methodologies. The actuarial modeling and risk and its associated reporting has changed
financial planning market is mature and dominated significantly in the past couple of decades.
by large, established players. Nevertheless, Historically, financial institutions relied on and
established vendors are being challenged invested in a combination of in-house and
by changing market standards (including an standalone solutions before switching to specialist
expectation of being able to accommodate faster offerings that cover enterprise-wide risk solutions.
calculation speeds), evolving product types and Firms now try to manage and grow their portfolios
technology innovation. by employing a strategy that balances risk, liquidity
and profitability.

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 RiskTech100
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Energy markets Statistical techniques

In a time of unprecedented change for energy Analytics and computational technologies continue
markets, we are seeing transformative new to evolve. Statistical techniques are developing
developments in technology (notably analytics) and interacting with the wider technological
that are creating new opportunities in the space, environment in interesting respects – both in
but also bringing potential new risks – not least in terms of scalability and from the standpoint of
operational areas. providing new computational strategies. This
fundamental interaction is growing in complicated
The ongoing influence of the pandemic and the and intriguing ways, including issues around
move to energy transition, as well as geopolitical different programming styles that exploit data-
upheavals and shifts, mean that we can expect parallel programming. Graphics processing units
more change in this sector over the coming years. (GPUs), Advanced Vector Extensions (AVX),
Chartis will continue to analyze and assess this special-purpose AI chips, field-programmable gate
evolution, as new vendors emerge and established arrays (FPGAs) and application-specific integrated
ones develop their offerings to address the circuits (ASICs) are all examples of the expanded
changing dynamics of this new energy landscape. hardware-accelerated computing universe that is
now available, and which offers an expansive set
of tools that include accelerators, libraries and
CTRM solutions programming languages. The key issue for firms is
how to make strategic choices between them.
The drive toward a new energy infrastructure/
energy transition/the push for net zero, a growth From a software perspective, technology vendors
spurt in futures markets and enhanced liquidity in have responded to the rapidly expanding options
a range of asset classes have created flux in the differently. There has been considerable algorithmic
CTRM market. An increase in CTRM solutions evolution in recent years – notably, the introduction
that include enterprise resource planning (ERP)- of advanced statistical techniques into AI has
like functionality (such as tax processing, some become ubiquitous. The techniques now driving AI
operational analytics and inventory management) are having the greatest impact in the retail finance
has led to CTRM systems becoming trade- industry, while also having significant effects in the
management ‘cockpits’ or control centers, while insurance and capital markets sectors.
greater liquidity and increased financialization
across a broader set of commodities have sparked
a strong trend toward futures and options-focused
platforms.

Meanwhile, other key drivers of the rich trading-

system-like environment have included an
increased focus on complex cross-asset trading
and transactions and a desire to integrate varied
data and analytics sources to create broader
quantitative frameworks. Many firms will require
a separate risk system, however, and firms with
significant trading capacity have been looking to
separate their analytics and risk environments.
These changes are intensifying a shift in which
CTRM solutions are increasingly merging with
other enterprise systems, such as procurement
and logistics. While this development is further
fragmenting the solutions market, it is also
creating opportunities for vendors of all sizes to
adapt and potentially consolidate.

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6. RiskTech100® 2024 rankings

2024 2023 Company HQ Overall Functionality Core Strategy Customer Market Innovation
Rank Rank score technology satisfaction presence

1 1 Moody's US 79.75% 95.00% 71.00% 84.00% 66.00% 87.00% 75.50%

2 3 SAS US 76.86% 92.15% 84.00% 71.00% 63.00% 79.00% 72.00%

3 2 FIS US 76.71% 92.34% 79.90% 69.50% 62.50% 88.00% 68.00%

4 4 Oracle US 75.19% 89.11% 90.00% 69.00% 59.50% 72.50% 71.00%

5 5 FICO US 72.46% 80.75% 68.01% 70.50% 67.00% 69.00% 79.50%

6 6 S&P Global US 72.33% 85.50% 71.00% 74.00% 63.00% 69.00% 71.50%

7 7 ION US 70.60% 83.60% 74.00% 70.00% 55.00% 78.00% 63.00%

8 11 Murex France 70.08% 76.48% 74.00% 70.50% 64.00% 69.00% 66.50%

9 10 Bloomberg US 69.73% 78.38% 73.00% 69.00% 63.50% 67.00% 67.50%

10 12 Adenza US 69.56% 78.61% 68.00% 72.50% 68.00% 70.50% 59.75%

11 9 Wolters Kluwer Netherlands 69.49% 83.13% 69.50% 60.00% 67.30% 74.00% 63.00%

12 14 MetricStream US 69.33% 71.49% 64.50% 74.50% 73.00% 70.00% 62.50%

13 8 LexisNexis Risk US 69.18% 79.09% 67.50% 65.50% 61.00% 76.00% 66.00%

Solutions

14 16 MSCI US 69.10% 83.60% 64.00% 73.00% 61.00% 69.50% 63.50%

15 15 NICE Actimize US 68.94% 73.15% 66.00% 70.00% 60.00% 76.50% 68.00%

16 13 Numerix US 68.53% 73.15% 64.00% 68.00% 69.00% 71.00% 66.00%

17 19 SS&C US 66.54% 77.71% 61.00% 71.50% 60.00% 71.00% 58.00%

18 18 Nasdaq US 66.33% 62.70% 68.00% 70.50% 61.00% 67.00% 68.75%

19 21 Finastra UK 65.41% 76.48% 69.00% 61.00% 52.00% 77.00% 57.00%

20 22 Prometeia Italy 65.21% 71.25% 65.00% 61.00% 72.50% 53.50% 68.00%

21 23 Dun & Bradstreet US 64.87% 76.95% 65.50% 67.75% 55.50% 67.00% 56.50%

22 37 ServiceNow US 64.80% 60.80% 70.50% 70.00% 56.50% 68.00% 63.00%

23 20 LSEG UK 64.71% 80.28% 65.50% 56.00% 54.50% 76.00% 56.00%

24 17 IBM US 64.56% 64.60% 84.25% 66.00% 50.50% 59.00% 63.00%

25 26 Quantexa UK 64.39% 60.33% 70.50% 64.00% 60.50% 60.50% 70.50%

26 32 ICE US 64.11% 72.91% 60.00% 70.50% 53.75% 64.50% 63.00%

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 RiskTech100
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2024 2023 Company HQ Overall Functionality Core Strategy Customer Market Innovation
Rank Rank score technology satisfaction presence

27 33 Regnology Germany 63.93% 69.59% 63.00% 64.50% 70.50% 56.00% 60.00%

28 39 PwC UK 63.75% 75.53% 70.00% 64.50% 59.00% 57.00% 56.50%

29 – TCS India 63.67% 75.53% 78.00% 59.50% 57.00% 54.00% 58.00%

30 24 Beacon Platform US 63.60% 64.60% 69.00% 56.00% 64.00% 60.50% 67.50%

31 36 Quantifi US 62.64% 69.83% 65.50% 53.50% 63.50% 57.50% 66.00%

32 34 Intellect Design India 62.59% 71.27% 64.50% 61.00% 61.00% 57.75% 60.00%

33 25 Qontigo Germany 62.48% 68.40% 60.50% 63.50% 61.50% 58.00% 63.00%

34 29 Cboe US 62.41% 57.95% 66.00% 66.00% 62.00% 59.50% 63.00%

35 48 Feedzai Portugal 62.08% 66.98% 64.00% 61.00% 64.50% 57.00% 59.00%

36 41 Abrigo US 61.94% 64.62% 60.00% 61.50% 63.00% 67.00% 55.50%

37 31 Sensa-NetReveal1 US 61.83% 66.50% 67.00% 57.00% 54.50% 60.00% 66.00%

38 28 Fenergo Ireland 61.64% 64.60% 62.00% 60.00% 56.00% 65.75% 61.50%

39 46 SAP Germany 61.43% 74.10% 70.00% 57.50% 51.00% 62.00% 54.00%

40 38 Fiserv US 60.55% 70.80% 63.00% 51.00% 61.50% 68.00% 49.00%

41 53 QRM US 60.48% 69.35% 53.00% 57.00% 54.00% 69.00% 60.50%

42 44 Workiva US 60.37% 53.20% 51.00% 59.00% 72.00% 65.00% 62.00%

43 35 GBG UK 60.21% 62.23% 60.00% 65.01% 55.00% 54.50% 64.50%

44 57 Archer2 US 60.03% 62.70% 58.50% 54.50% 59.00% 67.50% 58.00%

45 50 Appian US 59.87% 53.22% 66.00% 66.00% 58.00% 52.00% 64.00%

46 – KPMG in India India 59.73% 69.35% 67.00% 57.50% 56.00% 54.00% 54.50%

47 49 Conning US 59.60% 64.60% 59.00% 63.00% 54.00% 55.50% 61.50%

48 43 Confluence US 59.33% 61.99% 53.50% 61.00% 60.50% 56.50% 62.50%

49 – CRISIL India 59.17% 57.00% 60.00% 65.00% 57.00% 56.00% 60.00%

50 – Fintellix India 58.34% 61.04% 62.00% 57.00% 64.50% 49.50% 56.00%

51 62 RiskSpan US 58.21% 56.76% 61.50% 59.50% 65.00% 50.00% 56.50%

52 54 Mitratech US 58.06% 71.25% 49.00% 58.50% 51.60% 71.00% 47.01%

53 56 Loxon Hungary 58.01% 65.55% 68.00% 48.00% 73.50% 48.50% 44.50%

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 RiskTech100
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2024 2023 Company HQ Overall Functionality Core Strategy Customer Market Innovation
Rank Rank score technology satisfaction presence

54 – EY-Nexus UK 57.90% 59.38% 71.00% 55.50% 54.00% 53.00% 54.50%

55 55 Eastnets UAE 57.85% 65.08% 53.00% 55.00% 61.00% 60.00% 53.00%

56 – SIX Switzerland 57.69% 64.13% 60.00% 53.00% 52.00% 65.00% 52.00%

57 66 Azentio Singapore 57.38% 61.30% 54.00% 53.00% 61.00% 67.50% 47.50%

58 51 Sayari US 57.25% 47.50% 64.00% 57.00% 61.00% 43.00% 71.00%

59 52 Empyrean Solutions US 57.20% 67.69% 58.25% 58.50% 61.25% 37.25% 60.25%

60 61 SAI360 US 57.10% 66.50% 50.00% 59.50% 50.60% 72.00% 44.00%

61 – Provenir US 56.92% 47.50% 51.50% 57.50% 63.00% 50.00% 72.00%

62 72 Ripjar UK 56.88% 46.79% 58.00% 56.50% 68.00% 46.00% 66.00%

63 92 Diligent US 56.77% 64.60% 58.50% 58.50% 53.00% 58.50% 47.50%

64 70 MathWorks US 56.68% 55.10% 64.00% 49.00% 60.00% 53.00% 59.00%

65 80 Integro Technologies Singapore 56.65% 48.93% 60.00% 60.00% 61.50% 54.50% 55.00%

66 75 CubeLogic UK 56.57% 63.41% 57.50% 56.50% 62.00% 48.50% 51.50%

67 60 Broadridge US 56.54% 62.23% 56.50% 60.00% 57.50% 58.50% 44.50%

68 94 Featurespace​ UK 56.43% 46.55% 50.50% 56.50% 72.00% 46.00% 67.00%

69 65 Evalueserve Switzerland 56.33% 57.95% 59.00% 57.00% 55.00% 51.00% 58.00%

70 76 Surya India 56.27% 59.38% 61.00% 55.25% 60.00% 41.00% 61.00%

71 77 BCT Digital, Bahwan India 56.12% 57.24% 57.50% 52.00% 58.50% 55.50% 56.00%
CyberTek Group

72 – Oxane Partners UK 56.00% 62.51% 55.00% 61.50% 60.00% 50.00% 47.00%

73 67 Pegasystems US 55.85% 55.58% 67.50% 59.00% 48.00% 48.00% 57.00%

74 – MatLogica UK 55.73% 50.35% 61.00% 60.00% 60.00% 51.00% 52.00%

75 – ZE Canada 55.71% 52.25% 60.50% 52.00% 65.00% 48.00% 56.50%

76 73 Quantifind US 55.67% 47.50% 65.00% 55.00% 57.50% 45.00% 64.00%

77 – Fusion US 55.49% 61.42% 63.50% 55.00% 56.00% 45.50% 51.50%

78 69 MORS Software Finland 55.40% 68.88% 67.50% 44.00% 68.00% 32.50% 51.50%

79 85 RiskScreen UK 55.33% 48.45% 51.00% 61.00% 56.00% 60.00% 55.50%

80 86 Camms Australia 55.05% 62.23% 54.00% 57.50% 47.60% 63.00% 46.00%

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 RiskTech100
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2024 2023 Company HQ Overall Functionality Core Strategy Customer Market Innovation
Rank Rank score technology satisfaction presence

81 82 Clari5 India 54.97% 60.80% 63.00% 45.00% 57.50% 48.50% 55.00%

82 – Scila Sweden 54.96% 47.74% 62.50% 49.00% 59.00% 53.50% 58.00%

83 84 SureCloud UK 54.90% 60.80% 51.50% 55.50% 52.60% 63.00% 46.00%

84 – ActiveViam US 54.87% 53.20% 64.00% 48.00% 64.00% 47.50% 52.50%

85 74 Supply Wisdom US 54.74% 59.85% 52.00% 55.50% 51.10% 65.00% 45.00%

86 99 zeb Germany 54.73% 73.63% 67.25% 42.25% 53.75% 41.25% 50.25%

87 90 MEGA France 54.53% 63.65% 59.50% 53.00% 55.00% 44.50% 51.50%

88 – Tookitaki Singapore 54.46% 46.79% 60.50% 49.00% 59.00% 53.50% 58.00%

89 79 AML Partners US 54.30% 55.81% 58.00% 57.50% 55.00% 40.50% 59.00%

90 93 CareEdge Risk Solutions India 54.29% 52.73% 57.50% 56.50% 62.50% 44.00% 52.50%

91 – Global Valuation UK 54.11% 50.16% 59.00% 49.50% 59.00% 50.00% 57.00%

92 91 Aptitude Software UK 54.10% 74.10% 59.50% 49.00% 54.50% 36.00% 51.50%

93 81 Aravo US 54.09% 58.43% 49.50% 57.00% 50.60% 63.00% 46.00%

94 – Xapien UK 53.94% 44.65% 61.00% 56.00% 58.00% 37.00% 67.00%

95 – Topaz UK 53.93% 60.80% 62.00% 36.25% 57.50% 45.00% 62.00%

96 98 ReadiNow Australia 53.78% 56.05% 54.00% 54.00% 52.60% 59.00% 47.00%

97 83 Manipal Technologies India 53.61% 54.15% 56.00% 48.50% 56.00% 51.50% 55.50%

98 – Encompass Australia 53.26% 46.55% 49.00% 58.00% 52.00% 66.00% 48.00%

99 97 ComplyAdvantage UK 53.14% 50.35% 46.00% 56.00% 61.00% 45.50% 60.00%

100 – MyComplianceOffice US 53.08% 42.99% 54.00% 54.50% 66.00% 36.00% 65.00%

1
Owned by SymphonyAI.
2
Featured in RiskTech100® 2023 as part of RSA.

Note that because of the continued expansion of vendor functionality, we have applied a standard normalization across all Functionality
scores to keep them within the approriate range (an upper band of 100).

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 RiskTech100
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7. Category winners
Category award 2024 winner

Overall Winner Moody’s

Chartis categories

Functionality Moody's

Core Technology Oracle

Strategy Moody's

Customer Satisfaction Loxon

Market Presence FIS

Innovation FICO

Industry categories

Banking Moody's

Buy-side Bloomberg

Corporations ServiceNow

Insurance Moody's

Trading and Capital Markets Murex

Solution categories

Artificial Intelligence for Banking SAS

Artificial Intelligence for GRC TCS

Artificial Intelligence for Unstructured Data S&P Global

Asset and Inventory Management SAP

Balance Sheet Risk Management SAS

Behavioral Modeling SAS

Capital Optimization QRM

CECL Moody's

Climate Risk Moody's

CLM for Investor Services Deep Pool

CLM for Markets Fenergo

CLM for Wealth Management Delta Capita

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Category award 2024 winner

Commodity Trading Risk Management (CTRM) ION

Communications Archiving and Controls Global Relay

Communications Monitoring NICE Actimize

Conduct and Controls TCS

Credit Data – CLO Moody's

Credit Data – CMBS Trepp

Credit Data – Corporate Bonds Bloomberg

Credit Data – Credit Curves Bloomberg

Credit Data – SME Dun & Bradstreet

Credit Data – Wholesale Moody's

Credit Risk for the Banking Book Moody's

Cyber Risk Quantification ISS

Data Integrity and Control Oracle

Enterprise Cashflow Management Surya

Enterprise GRC MetricStream

Enterprise Stress Testing SAS

Environmental, Social and Governance (ESG) MSCI

Evaluated Pricing and Data – Credit S&P Global

Evaluated Pricing and Data – Fixed Income Bloomberg

Evaluated Pricing and Data – Multi-asset ICE

Evaluated Pricing and Data – OTC Derivatives LSEG

Facility Management and Control SAP

Finance and Accounting – Accounting Frameworks Oracle

Finance and Accounting – Cross-industry Support SAP

Finance and Accounting – Data Management Oracle

Financial Crime – AML Oracle

Financial Crime – Data Moody's

Financial Crime – Enterprise Fraud Feedzai

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 RiskTech100
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Category award 2024 winner

Financial Planning Systems Oracle

Front Office Risk Management Numerix

FX Risk and Trading ICE

GRC – Analytics TCS

GRC – Audit MetricStream

GRC – Content SAI360

GRC – Data Privacy Management RadarFirst

GRC – Digitization and Control TCS

GRC – EGRC MetricStream

GRC – IT Risk ServiceNow

GRC – Operational Resilience and Business Continuity ServiceNow

GRC – Operations Risk and Process Control TCS

GRC – Supply Chain Risk SAP

GRC – Vendor/Third-party Risk SAP

IFRS 17 – Accounting Systems Aptitude Software

IFRS 17 – Data Management and Reporting Oracle

IFRS 9 SAS

Integrated Trading and Risk Management Murex

KYC Solutions Fenergo

LDTI Wolters Kluwer

Lending Operations – Collateral Finastra

Lending Operations – Limits Integro Technologies

Lending Operations – LOS FIS

Liquidity Risk Oracle

Managed Services – Credit Risk Management Abrigo

Managed Services – Financial Crime Nasdaq

Model Risk Management SAS

Model Risk Quantfication Prometeia

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Category award 2024 winner

Model Validation CRISIL

Model Validation – Supporting Tools Evalueserve

Regulatory Intelligence Wolters Kluwer

Regulatory Reporting – Banking Regnology

Regulatory Reporting – Insurance Oracle

Regulatory Reporting – Markets and Securities Adenza

Risk and Finance Integration SAS

Risk as a Service (RaaS) MSCI

Risk Data Aggregation and Reporting – Banking Oracle

Risk Data Aggregation and Reporting – Complex Data/Alt-data ZE

Risk Data Aggregation and Reporting – Markets ActiveViam

Supervisory Tech (SupTech) Regnology

Trade-based AML Kharon

Trade Surveillance Nasdaq

Treasury Platforms ION

xVA Numerix

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Ones to Watch

Financial Risk and Reporting

Acies

BBA

CogNext

ElysianNxT

Mirai

Riskfuel

Solytics Partners

Vector Risk

Financial Crime Risk Management

Diligencia

Facctum

Giant Oak

NominoData

Sigma360

WorkFusion

GRC, OpRisk and Regulatory Intelligence

Calpana (CRISAM GRC)

Corlytics

Protecht

RiskLogix

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 RiskTech100
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8. Appendix A: Research methodology

Chartis’ RiskTech100® report is the most
comprehensive study of its kind, and is a core
element of our annual research cycle. The
rankings in the report reflect our analysts’ expert
opinions, along with research into market trends,
participants, expenditure patterns and best
practices. We also validate the analysis through
several phases of independent verification (see
Table 1).

So that we can continue to assess the market and

its key players accurately, we are developing and
refining our methodology as the risk technology
market evolves. Any changes will be reflected in
subsequent reports.

Table 1: RiskTech100® research methodology

• Performed a comprehensive market sweep of leading market participants in 40 risk categories.

• Completed 1,500 surveys and interviews with risk technology buyers and end users.

• Collected data on organizations’ expenditure priorities and vendor preferences.

• Collated 400 completed questionnaires, briefing documents and product specifications from risk technology
vendors.

• Conducted and attended 200 interviews, product demonstrations and strategy briefings with risk technology
vendors.

• Conducted 150 interviews with risk technology buyers to validate our survey findings.

• Conducted more than 50 interviews with independent consultants and system integrators specializing in risk
technology.

• Applied RiskTech100® assessment criteria to filter the top 150 vendors.

• Reviewed data with 30 independent consultants and 110 risk technology buyers.

• Interviewed 60 ex-employees of the top 50 risk technology vendors to validate our findings.

• Undertook final data validation with 100 vendors, receiving 80 completed questionnaires and carrying out more
than 100 vendor briefings.

• Completed 100+ independent reference checks to validate vendor claims and client satisfaction levels.

• Developed the final top 100 rankings, identified the category winners and finalized the report.
Source: Chartis Research

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9. Appendix B: How to read the RiskTech100® rankings

The RiskTech100® assessment criteria comprise Within each category, we have included a
six categories: number of sub-categories to encompass the
range and scope of current risk technology
• Functionality. solutions (see Table 2).

• Core technology.

• Strategy.

• Customer satisfaction.

• Market presence.

• Innovation.

Table 2: RiskTech100® assessment criteria

Functionality • Depth of functionality. The level of sophistication and detailed features in the software
product. Aspects assessed include: innovative functionality, practical relevance of
features, user-friendliness, flexibility and embedded intellectual property. High scores are
given to firms that achieved an appropriate balance between sophistication and user-
friendliness. In addition, functionality that links risk to performance is given a positive
score.

• Breadth of functionality. The spectrum of risks covered as part of an enterprise risk

management solution. The risk spectrum under consideration includes treasury
risk management, trading risk, market risk, credit risk, operational risk, energy risk,
business/strategic risk, actuarial risk, asset-liability risk, financial crime and compliance.
Functionality within and integration between front-office (customer-facing) and middle-/
back-office (compliance, supervisory and governance) risk management systems are also
considered. High scores are given to firms achieving (or approaching) integrated risk
management – breaking the silos between different risk management functions.

Core technology Chartis evaluates a vendor’s overall technology stack by benchmarking it against latest best
practice. Key considerations this year have been the use of cloud and Big Data technologies,
as well as the agility and openness of the overall technology architecture.

• Data management. The ability of enterprise risk management systems to interact

with other systems and handle large volumes of data. Data quality is often cited as a
critical success factor, and ease of data access, data integration, data storage and data
movement capabilities are all important factors.

• Risk analytics. The computational power of the core system, the ability to analyze large
amounts of data in a timely manner (e.g., real-time analytics) and the ability to improve
analytical performance are all important factors.

• Reporting and visualization. The ability to surface risk information in a timely manner. The
quality and flexibility of visualization tools, and their ease of use, are important for all risk
and compliance management systems.

Source: Chartis Research

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Table 2: RiskTech100® assessment criteria (continued)

Strategy • Vision and leadership. Market understanding, a scalable business model, product
strategy, technology strategy and go-to-market strategy are critical success factors. Both
organic and inorganic growth strategies are considered, as well as strategic alliances and
partnerships.

• Ability to execute. The size and quality of the sales force, the sales distribution channels,
the global footprint, partnerships, differentiated messaging and positioning are all
important factors. Specific consideration is given to the quality of implementation and
support functions, post-sales support and training.

• Financial performance. Revenue growth, profitability, sustainability, financial backing and

the percentage of recurring revenues. The ratio of license to consulting revenues is key to
business scalability.

Customer • Value for money. The price to functionality ratio, and the total cost of ownership versus
satisfaction license price.

• After-sales service and support. Important factors include the ease of software
implementation, the level of support and the quality of training.

• Product updates. Important considerations for end users include how often vendors issue
updates and how well they keep pace with best practice and regulatory changes.

Market presence • Market penetration. The number of customers in chosen markets and the rate of growth
relative to sector growth rate.

• Market potential. Brand awareness, reputation, thought leadership and the vendor’s
ability to use its current market position to expand horizontally (with new offerings) or
vertically (into new sectors).

• Momentum. Performance in the past 12 months, including financial performance, new

product releases, quantity and quality of contract wins and market expansion moves.

Innovation • New product development. New ideas, functionality and technologies to improve risk
management for target customers. Chartis assesses new product development not in
absolute terms, but in relation to a vendor’s closest competitors.

• Exploitation. Developing new products is only the first step in generating success. Speed
to market, positioning of new products and translation to incremental revenues are
critical success factors.

• New business models. Innovation is not limited to the product dimension. Some risk
technology vendors are also actively working toward new business models for generating
profitable growth.

Source: Chartis Research

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10. Further reading

STORM 2023 Energy50 2023 ALM Technology Systems,

2023: Market Update and
Vendor Landscape

Enterprise Fraud Solutions, Credit Risk Reporting ESG Data and Scoring
2023: Market Update and Solutions, 2023: Market Solutions, 2023: Market
Vendor Landscape and Vendor Landscape Update and Vendor Landscape

For all these reports, see www.chartis-research.com

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