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.
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.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.
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.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
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