The risk analytics technique measures, quantifies, and predicts risks from the past data. It provides organizations with valuable insights to make better decisions and increase revenue while reducing the risk costs. The risk analytics process includes identifying risks, categorizing them according to priority, and quantifying them based on historical data, information from firms, and third-party establishments.
Top 10 Risk Analytics software Vendors
- IBM CORPORATION
- SAP SE
- MOODY'S INVESTORS SERVICE
- FIDELITY INFORMATION SERVICES (FIS)
- SAS INSTITUTE
- VERISK ANALYTICS
- RISK EDGE SOLUTIONS
Top Applications of Risk Analytics Software
Companies are susceptible to different types of risks, such as credit risk, hedging risk, governance risk, fraud risk, and technology risk, which can be harmful to their business in terms of revenue loss and market goodwill. Some of the applications are:
- Credit Risk Management
- Fraud Detection and Prevention
- Industry benchmarking and validation
- Liquidity Risk Analytics
- Real-time situational awareness
- Operational risk management
- Human resource risk management
- Project risk management
Top Features of Risk Analytics Software
- Account Takeover Mitigation
- Device Trust Monitoring
- Transaction Fraud Monitoring
- Mobile Risk Device Monitoring
- Malware Activity Monitoring
- Continuous Risk Monitoring
- Customizable Reporting
- Machine Learning-based Risk Analysis
- Digital Channel Unification
- Automated Fraud Alerts
The risk analytics market comprises risk analytics software and services embedded with techniques that comprehensively measure, quantify, and predict risks through effective utilization of historical data. The organizations are prone to various types of risks, such as credit risk, hedging risk, governance risk, fraud risk, and technology risk, which can be detrimental to their business in terms of loss of revenue and goodwill in the market.
A risk analytics software facilitates enterprises to establish a baseline for measuring risk across various verticals, such as banking and financial services, insurance, healthcare and life sciences, and retail and consumer goods by incorporating all the facets of risks together into a single unified system that provides the key decision maker in an organization with adequate clarity in identifying, viewing, understanding, and managing the risks.
The vendors are placed into 4 categories based on their performance in each criterion: “vanguards,” “innovators,” “emerging,” and “dynamic.” The top 25 vendors in the risk analytics market have been evaluated, including Advanced Risk Analytics Private Limited, AxiomSL, Inc., BlackRock, Inc., CubeLogic Ltd., Equarius Risk Analytics, Fidelity National Information Services Inc., Gurucul, International Business Machines Corporation, IsoMetrix, Markit Group Limited, Misys ,Montana Analytics LLC, Moody Corporation, MSCI Inc., NICE, Oracle Corporation, Provenir, Quaternion Risk Management Ltd., Risk Based Security, Risk Edge Solutions, SAI Global Pty Limited, SAP SE ,SAS Institute Inc., Verisk Analytics, Inc., and Windbeam Risk Analytics, LLC.
Vendors who fall into this category receive high scores for most of the evaluation criteria. They have strong and established product portfolios and a very strong market presence. They provide mature and reputable risk analytics software and services. They also have strong business strategies. Vendors who fall under this category are Fidelity National Information Services Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, and SAS Institute Inc.
They are established vendors with very strong business strategies. However, they are low in their product portfolios. They focus on a specific type of technology related to the product. Vendors who fall under this category are Moody Corporation, and Verisk Analytics, Inc.
Innovators in this MicroQuadrant are vendors that have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolios. However, they do not have a very strong growth strategy for their overall businesses. Vendors who fall under this category are Advanced Risk Analytics Private Limited, AxiomSL, Inc., BlackRock, Inc., Equarius Risk Analytics, Gurucul, LogicManager, Inc, Markit Group Limited, Misys, MSCI Inc., Provenir, Risk Based Security, Risk Edge Solutions, and Windbeam Risk Analytics, LLC.
They are vendors with niche product offerings and are starting to gain their positions in the market. They do not have many strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before getting a significant traction in the market. Vendors who fall under this category are CubeLogic Ltd., IsoMetrix, Montana Analytics LLC, NICE, SAI Global Pty Limited