Overall Winner Highlights: FIS

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1 Overall Winner Highlights: FIS February 2017 Independent research by

2 About Chartis Chartis is the leading provider of research and analysis on the global market for risk technology and is part of Incisive Media which has market leading brands such as Risk and Waters Technology. Chartis s goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology. Areas of expertise include: Credit risk Operational risk and governance, risk and compliance (GRC) Market risk Asset and liability management (ALM) and liquidity risk Energy and commodity trading risk Financial crime including trader surveillance, anti-fraud and anti-money laundering Cyber risk management Insurance risk Regulatory requirements including Basel 2, Basel 3, Dodd-Frank, MiFID II and Solvency II Chartis is solely focused on risk and compliance technology giving it significant advantage over generic market analysts. Chartis has brought together a leading team of analysts and advisors from the risk management and financial services industries. This team has hands-on experience of implementing and developing risk management systems and programs for Fortune 500 companies and leading consulting houses. Visit for more information. Join our global online community at Copyright Chartis Research Ltd All Rights Reserved. Chartis Research is a wholly owned subsidiary of Incisive Media Ltd. No part of this publication may be reproduced, adapted, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of Chartis Research Ltd. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Chartis Research delivers will be based on information gathered in good faith, whose accuracy we cannot guarantee. Chartis Research accepts no liability whatever for actions taken based on any information that may subsequently prove to be incorrect or errors in our analysis. See Chartis Terms of Use on RiskTech100, RiskTech Quadrant, FinTech Quadrant and The Risk Enabled Enterprise are Registered Trade Marks of Chartis Research Limited. Unauthorized use of Chartis s name and trademarks is strictly prohibited and subject to legal penalties. Copyright Chartis Research Ltd All Rights Reserved 2

3 Table of contents 1. RiskTech overall winner: FIS Vendor profile Research taxonomy and methodology Copyright Chartis Research Ltd All Rights Reserved 3

4 List of figures and tables Figure 1: RiskTech100 taxonomy Figure 2: RiskTech100 research methodology Copyright Chartis Research Ltd All Rights Reserved 4

5 1. RiskTech overall winner: FIS retains top position in the RiskTech ranking. Chartis s RiskTech100 report is globally acknowledged as the most comprehensive independent study of the world s major players in risk and compliance technology. Chartis is the leading provider of research and analysis on the global market for risk technology. FIS provides risk and compliance technology, services and consulting to more than 5,000 financial institutions. When adjacent services such as core banking and payment processing are taken into account, along with regulatory agencies, it has more than 20,000 clients. These range from community banks and credit unions to global banks and non-bank financial institutions. FIS s extensive client base, coupled with its current growth, makes it a clear winner in the Market Presence category. Fueling FIS s strong momentum are new product releases and strategic acquisitions, most notably SunGard in FIS s depth and breadth of functionality are unmatched, with unique features that cover the banking book, trading book and insurance book as well as a wide range of risk types and asset classes. The risk types covered include enterprise risk, credit risk, market risk, operational risk, liquidity risk, compliance risk, energy risk, cybersecurity, insurance risk, asset liability management, anti-money-laundering (AML) and fraud risk. Copyright Chartis Research Ltd All Rights Reserved 5

6 FIS has established market risk solutions, supported by strong domain expertise. On the sell-side FIS provides a market leading market risk solution addressing the new Fundamental Review of Trading Book (FRTB) regulations. It covers standardized and advanced capital methodologies, modeling of stressed calculations, non-modelable risk factors and the P&L attribution test. This is on top of strong functionality around Value at Risk (VaR) calculations, stress testing and market data management. FIS s interactive what-if allows front office users to optimize their capital in real-time. FIS s model library covers an extensive range of financial instruments including Interest Rate (IR) Swaps, IR Options, Futures, Credit Derivatives, Repos and Securities Financing, Equities and Equity Derivatives, Energy Derivatives, Commodity Derivatives and Structured Products. On the buy-side, FIS provides investment technology and services for a unified view of risk across the front and middle office, covering multi-asset class risk management, analytics and risk reporting, serving institutions globally. FIS models market risk and liquidity risk across both liquid and illiquid asset classes, supporting regulatory reporting, portfolio optimization and performance analysis. The solution can be delivered as an installed or cloud-hosted offering, with a managed service component for clients who wish to outsource risk-based business processes. FIS clients include institutional asset managers, pension funds, hedge funds, private banks, wealth managers and sovereign wealth funds. FIS also offers FX, interest rate, commodities and counterparty risk management solutions for banks and corporate customers. FIS s insurance risk management solution has been established in the market for more than 25 years, and now has more than 10,000 users across 65 countries. It allows the user to perform actuarial calculations including profit testing, projections, reserving, asset liability modeling and stochastic modeling, which can be delivered on premise or in the cloud, through grid computing clusters. It uses extensible, industry-specific, actuarial libraries. Copyright Chartis Research Ltd All Rights Reserved 6

7 2. Vendor profile The company FIS is dedicated to banking and payments technology, and serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 staff globally, and is a Fortune 500 company and a member of Standard & Poor s 500 Index. FIS was a Category Leader in the following Chartis reports: Buy-Side Risk Management Technology: Market Update 2016 Data Integrity and Control Solutions in Financial Services 2016 Enterprise Collateral Management Systems for the Trading Book: Market Update 2016 IFRS 9 Technology Solutions 2016 Risk Data Aggregation and Reporting Energy Trading Risk Management Systems 2017 Category Leaders are risk technology vendors with depth and breadth of functionality, technology and content, combined with the organizational characteristics to capture significant market share in terms of volume and value. A number of acquisitions have enabled FIS to integrate new technologies and services into its risk and compliance offerings, complementing its existing solutions: Software and services provider SunGard (2015) Full-service risk management firm ICS Risk Advisors (2012) Enterprise fraud management provider Memento (2012) Business and technology consultants Capco (2010) Compliance risk management software and consulting provider Compliance Coach (2010) Technology provider Metavante Corporation (2009) The offerings FIS s risk and compliance solutions are among its fastest growing offerings, providing consulting, technology and managed services to more than 5,000 financial institutions worldwide. Its risk and compliance offerings combine software, services and consulting into a solution for enterprise risk management (ERM), compliance management, and regulatory reporting. FIS offers multiple solutions for managing different areas of risk. These are available individually, to suit clients specific needs, or bundled together to provide ERM solutions. Sell-side solutions Credit risk. FIS s Credit Risk solution provides dashboard reporting for the management of the credit portfolio, to check for early warning signs of deterioration. Stress testing is also provided, to highlight the impacts of business decisions on the commercial credit portfolio. Other features 1 SunGard was a Category Leader in this report. SunGard was acquired by FIS on 30/11/2015. Copyright Chartis Research Ltd All Rights Reserved 7

8 include: multi-industry financial analysis, credit compliance and monitoring, limit management, concentration risk analysis for credit portfolio management, and calculating/managing Credit Valuation Adjustments (CVA and other xvas). Calculation of the standardized approach for measuring counterparty credit risk exposures (SA-CCR) is also fully supported. These solutions allow multiple levels of management: in the risk department, finance and in the front office. Market risk. FIS s Market Risk solution provides full support for the new FRTB regulations providing advanced and standardized capital calculations, data management and interactive investigative tools. The solution which can be run in real-time also provides VaR and scenario analysis to enable stress testing of a range of parameters, as well as both pre- and post-trade analytics. Liquidity risk. FIS s liquidity risk solution covers various aspects of liquidity management, from intraday cash management to strategic liquidity risk management. It is capable of end of day, intra-day and real- and near-time processing and analysis. Asset and liability management (ALM). FIS s ALM software is capable of statistical analysis based on income and present value distributions.this analysis is applied to Earnings at Risk (EaR), and optimizing funding strategies. It also offers functionality related to liquidity risk management and regulatory analysis, as well as intra-day reporting and calculations. Compliance. FIS offers a suite of solutions that help automate financial institutions compliance processes. It helps give financial institutions transparency into their data while helping them to enforce and document their compliance policies and procedures. The compliance solutions cover social media review, personal trading oversight, market abuse, MiFID II, Reg NMS, Order Audit Trail System (OATS), and transaction supervision and surveillance review. Operational risk/governance, risk and compliance (GRC). FIS s operational risk solution consists of a series of interconnected modules for enterprise risk management, including Risk Control Self- Assessment (RCSA), loss events, indicators, control assurance and surveys. These are underpinned by a risk framework module and a reporting module. Early Risk Manager for GRC is a risk assessment, monitoring, testing and issues management solution. It covers enterprise-wide risks and a library of risks, controls and regulations, as well as thousands of checklist questions for monitoring and testing. Buy-side solutions Investment risk. FIS s market risk offering gives buy-side institutions around the world investment technology for multi-asset-class risk management, analytics and risk reporting. The solution models market and liquidity risk across both liquid and illiquid asset classes, supporting regulatory reporting, portfolio optimization, scenario analysis and performance analysis. It supports multiple asset classes, and gives users the opportunity to manage risk across the firm instead of in silos. Insurance risk. FIS delivers its solutions for insurance risk management via an actuarial modeling and risk management platform that supports product development, enterprise-level risk management and reporting. The platform also enables users to perform a range of activities including pricing, profit testing, stochastic modeling, asset liability modeling, and consistent valuations and projections. Cross-industry solutions Energy and commodity trading risk. FIS s energy and commodity trading risk solutions provide a view into physical and financial commodity positions, exposures, P&L, market and reference data, pricing, ratings, credit limits, powerful reporting and valuation models for complex risk assessment and management. Copyright Chartis Research Ltd All Rights Reserved 8

9 Treasury risk. For corporations and banks, FIS accommodates the needs of a treasury organization that manages multiple currency positions, interest rate exposures, and commodity risks. These can all be consolidated within the FIS treasury solution set, and centrally managed across the organization via a company-wide risk dashboard, or viewed and measured at a portfolio or individual trade level. Additionally, the FIS treasury solution set helps corporate treasurers manage liquidity, revaluation, interest rate and currency sensitivity analysis, Value at Risk (VaR), user limits for dealing, authorization and settlements, counterparty and credit risk, as well as full accounting capability, including FAS 133 and IAS 39. FIS treasury solutions are delivered in a cloud (SaaS or private cloud) environment or on-premise, and offer additional managed service components. Compliance. FIS offers a broad range of regulatory compliance and risk management consulting, services, and technology. These solutions can be offered on a project basis or as managed services, based on client needs. These solutions include: Compliance Risk Indicator for assessing compliance risk. TRID Analyzer for mortgage origination compliance. Servicing Analyzer for mortgage servicing compliance. BISG Analyzer and HMDA/LAR Analyzer for fair lending. PRIME and OFAC WatchList for AML/BSA monitoring and compliance. Regulatory University for enterprise compliance training and certification. Fraud risk. FIS provides fraud risk management via Memento, a data analytics engine that uses algorithms to detect anomalous activity. It enables users to detect check, deposit, wire, Automated Clearing House (ACH) and internal fraud. Cybersecurity. FIS s CyberForce can detect cyber risks and anomalous activity such as privileged user hijacking, corporate account takeover and botnet attacks. Both Memento and CyberForce differ from rival offerings by including visual link analysis, as well as a scenario studio. This provides outof-the-box risk scenarios, and can configure solutions for specific use cases. Copyright Chartis Research Ltd All Rights Reserved 9

10 3. Research taxonomy and methodology Taxonomy The companies featured in RiskTech100 are drawn from a range of risk technology specialisms, and meet the needs of both financial and non-financial organizations. However, they share a number of qualities that rank them among the top 100 risk technology providers in the world. The rankings are determined based on the classifications illustrated in Figure 1, which this year focus on solutions, industry segments and success factors. Figure 1: RiskTech100 taxonomy RiskTech Solution categories Credit risk Market risk Pricing & valuation Liquidity risk & ALM Energy trading Commodity trading Financial crime Cyber risk Operational risk & GRC Regulatory reporting Risk & finance integration Risk data aggregation & reporting Enterprise stress testing Model risk management Artificial intelligence XVA Data integrity & control Enterprise collateral management Risk as a service Industry categories Banking Sell-side Buy-side Insurance Corporations Chartis categories Functionality Core technology Customer satisfaction Strategy Innovation Market presence Source: Chartis Research Copyright Chartis Research Ltd All Rights Reserved 10

11 Methodology Chartis s RiskTech100 report is the most comprehensive study of its kind, and is a core element of our annual research cycle. The rankings in the report reflect our analysts expert opinions, along with research into market trends, participants, expenditure patterns and best practices. We started collecting the data for this study in January 2016, and validated the analysis through several phases of independent verification. Figure 2: RiskTech100 research methodology Performed a market sweep of 50,000 risk and compliance technology buyers and end users globally (70% in financial services; 30% in non-financial services). Jan-May 2016 Completed 1,500 surveys and interviews with risk technology buyers and end users. Collected data on organizations expenditure priorities and vendor preferences. Collated 400 completed questionnaires, briefing documents and product specifications from risk technology vendors. Conducted and attended 200 interviews, product demonstrations and strategy briefings with risk technology vendors. June-July 2016 Conducted 130 interviews with risk technology buyers to validate our survey findings. Conducted 53 interviews with independent consultants and systems integrators specializing in risk technology. Applied RiskTech100 assessment criteria to filter the top 150 vendors. Reviewed data with 30 independent consultants and 110 risk technology buyers. Aug-Sept 2016 Interviewed 60 ex-employees of the top 50 risk technology vendors to validate our findings. Undertook final data validation with 108 vendors, receiving 90 completed questionnaires and 50 vendor briefings. Completed 100+ independent reference checks to validate vendor claims and client satisfaction levels. Sept-Oct 2016 Developed the final top 100 rankings, identified the category winners and finalized the report. Source: Chartis Research Copyright Chartis Research Ltd All Rights Reserved 11

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