Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023

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.

Scope:

• Industry: BFS
• Geography: global
• The assessment is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading technology and IT services providers, client reference checks, and an ongoing analysis of risk and compliance in the BFS IT services market

Contents:

In this report, we:

• Examine key trends in the BFS risk and compliance space
• Classify 26 BFS IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix^® framework
• Mention Star Performers – service providers with the strongest forward movement over time on the Risk and Compliance in BFS IT Services PEAK Matrix^® 2022
• Study the IT service providers’ competitive landscape for R&C in BFS
• List the providers’ key strengths and limitations

Membership(s)

Banking and Financial Services Information Technology

Sourcing and Vendor Management