Global Operational Risk Management (ORM) Software and Services Market to Reach US$2.28 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global outlook on the Risk Management Services Industry. The global financial turmoil triggered the requirement for risk management services and solutions across all sectors. The impact wielded by the recent natural disasters, and the growing regulatory pressures, particularly on financial institutions, are fuelling the growth of this dynamic sector.

Risk Management Services: A Global Outlook

Follow us on LinkedIn – The discipline of risk management, in the corporate world, has undergone a rapid change over the past decade, successfully transitioning from an essentially back-office activity to become a crucial part of the overall enterprise management process. The significance of optimum risk management cannot be undermined, given the growing awareness of the impact of mismanagement of short term and long-term risks, which are typically manifested in the form of loss of market shares, investor confidence, reputation and market value of the enterprise. Winning back or recovering lost credibility in the marketplace is a painstaking task that requires time, effort, and money. It is therefore of little surprise that risk officers, over the last couple of years, have assumed an important role in management teams and wield considerable influence on the decision making process.

The recent 2007-2009 economic recession additionally played its role in compelling organizations to revisit, reassess, and recalibrate their risk management skills and strategies. Currently, growing awareness over the indispensability of effective management of risks has catapulted the practice of risk management to the top of the corporate priority list, which earlier was occupied by issues pertaining to access to short-and long-term capital. With over 65% of companies’ worldwide attributing poor and inefficient risk management as the leading cause for the meltdown of the international financial structure, organizational perception of risk is changing rapidly. For instance, the concept is no longer deemed limited to just insurance, loss avoidance and compliance, but has expanded to include all facets of risks that have an impact on the future performance of the organization. This shift in perception has also led a number of companies, especially investment banks and financial institutions, to adopt risk management as a tool for sustainable, long-term growth and to sharpen competitive advantages.

The importance of risk management has been rather lucidly demonstrated by the economic crisis. As a result of the fiasco of efficient risk management, regional and multinational banks and financial institutions have come under greater scrutiny by regulatory bodies and central banks. The regulatory clampdown on financial institutions revolve around four main areas of concern, namely – AML (Anti Money Laundering), financial reporting (SOX/J-SOX), standardization of accounting norms (FAS, IFRS) and capital adequacy norms (BASEL II). Today, banks need to conform to stringent risk management standards as specified by BIS (Bank for International Settlements) under BASEL II. Given, the growing rigidity of the regulatory environment, and the tough stance taken by regulatory bodies, regulatory compliance, of late, has been getting an increasing amount of attention from risk managers. The importance of complying with the full set of government and authority regulations cannot be undermined, since a breach could invite financial and punitive consequences.

The stage is now set for a relentless focus on comprehensive end-to-end enterprise wide risk management strategies, and solutions. The financial industry, especially, is expected to feel more acutely the need to win back the trust and credibility, which the industry has burnt in the recent recession. The culture of risk management is expected to entwine itself into the very fiber of an organization. To succeed at proper risk management, and to extract the full benefit from the successful management of risks, a pan organizational risk management culture is crucial.

While the US market continues to be the biggest market for operational risk applications and services, the Asia Pacific region (including Japan) is expected to set the pace for the rapid expansion of the global risk management services industry in the near future.

The research report titled “Risk Management Services: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a rudimentary overview of the industry, highlights latest trends and demand drivers, in addition to providing statistical insights. Regional markets briefly abstracted and covered include United States, Canada, Europe and Asia Pacific among others. The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Risk_Management_Services_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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