(PRWEB) February 12, 2009
London, UK February 12, 2009 -- According to Chartis’ latest report, the global market for financial crime risk management technology is to grow to $3.75bn by 2012, at a compound annual growth rate of 13.1%. Recent high profile scandals involving internal and external fraud have highlighted the vulnerabilities of the financial services industry. Financial institutions, consumers and regulators have recognised that financial crime is becoming more complex and is perpetrated by a different class of criminal, who is increasingly sophisticated and using technology as part of their ammunition. Furthermore, the current global recession is likely to increase the frequency of internal fraud, security breaches and false accounting.
The Chartis report concludes that despite the mission-critical nature of financial crime risk management systems, most financial institutions continue to have a silo-based point-solution approach. The norm is to have multiple anti-fraud and anti-money laundering systems, across different business units, communication channels and using multiple databases. This creates extra expense, inefficiencies and data quality issues across enterprises. Furthermore, it inhibits a firm’s ability to create the links and intelligence required to combat the most sophisticated criminals.
The report examines both the demand and supply side of the market for financial crime risk management technology. It specifically covers the market requirements for fraud and anti-money laundering technologies and forecasts of market size, competitive landscape and best practices. The report also provides detailed profiles of selected vendors such as ACI Worldwide, Actimize, Experian, Lombard Risk Management, Northland Solutions and SAS.
In addition, the report provides detailed financial and equity analysis of Norkom, providing key valuation metrics and performance benchmarks.
Other vendors covered in the report include: Bridger Insight, Fair Isaac, Fiserv, Fortent, Intellinx, Memento, Metavante, Senactive, SPSS and Wolters Kluwer.
The report can be obtained from http://www.chartis-research.com.
About Chartis Research - http://www.chartis-research.com
Chartis Research is the leading provider of research and analysis on the global market for risk technology. Our goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance. Chartis analyses the systems, products, vendors, applications and trends in the risk technology marketplace. This analysis is published in our flagship industry reports, white papers and research articles.