Global macroeconomic conditions, evolving customer preferences, supply-chain disruptions, regulatory scrutiny, and transforming operating models are driving Banking and Financial Services (BFS) firms to build resilient, scalable, and flexible risk management and regulatory reporting IT and technology systems. However, roadblocks such as a legacy IT landscape and fragmented data systems are hampering the transformation of BFS enterprises’ Risk and Compliance (R&C) functions.
BFS enterprises are also looking to evaluate how environment, social, and governance factors impact their financial products and the risks they undertake. Additionally, they are creating new services and products that drive sustainable outcomes for their clients.
To serve this need, service providers are partnering with technology and platform providers to develop solutions such as cloud-based, API-driven, and intelligent R&C management platforms to help BFS firms better manage their R&C functions. Service providers are also investing in tools, accelerators, CoEs, next-generation technology solutions, and talent to improve their R&C advisory and IT services capabilities.
In this report, we study the vision & capability and market impact of 26 BFS risk and compliance IT service providers and position them on Everest Group’s proprietary PEAK Matrix®as Leaders, Major Contenders, Aspirants, and Star Performers.
In this report, we: