Every day, organizations get increasingly enmeshed in a worldwide market ecosystem of partners, vendors, and suppliers. Controlling, identifying, and managing risks is crucial to a company's business continuity and financial stability; for example, a local natural disaster might have far-reaching implications throughout a worldwide supply chain. A risk management process entails recognizing, regulating, and analyzing the impact of risks on an organization if they occur. Effective risk management is attempting to exert as much control over future events as feasible by acting early to mitigate risk rather than responding after a risk occurrence. It also has the potential to reduce both the likelihood of a risk occurring and the risk's potential effect.
The worldwide financial risk management software market was estimated at $2.5 billion in 2021 and is expected to increase at a CAGR of 14.4 percent from 2022 to 2031, reaching $9.2 billion by 2031.COVID-19 has had a favorable influence on the financial risk management software sector. Businesses have been compelled to rethink their risk management practices and invest in technology to prevent financial risks as a result of the pandemic's extraordinary economic upheaval. As a result, demand for financial risk management software has surged as businesses attempt to improve their capacity to anticipate, monitor, and manage financial risks. Furthermore, as firms seek to maintain oversight and oversight over their financial risks from remote locations, the trend to remote labor has increased demand for cloud-based risk management systems. As a result, the financial risk management software industry has grown steadily during the pandemic and is likely to do so in the following years.
This edition of Financial Services Review delivers a bird’s-eye view of recent developments in the financial risk management arena and insights into how organizations can align with these trends and adopt new ways to replace management practices.
We have curated thought leadership articles from industry experts, including Nikolay Stoichkov, Head of Strategic Risk Management at First Investment Bank and Jim Steiner, Chief Investment Officer, 1834, a division of Old National Bank.
We also took a deep dive into market trends to narrow down the list of companies delivering innovative financial risk management services & solutions. Equipped with innovative capabilities, companies like HMC Partners, CreditSights & Retire Wise help transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Financial Services Review will help you identify and build the partnership you and your organization need to succeed.
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