The role of risktech in effectively managing emerging risks and driving competitive edge

Banking, financial services and insurance (BFSI) firms are struggling to adapt to a dynamic, continuously evolving risk arena. Newer areas to this landscape, including cyber, operational resilience, supply chain, climate, and environmental, social and governance are only making this transition harder. Institutions are continuously updating models and methodologies to adjust, but the rapid pace means the RiskTech sector is relatively immature. Through Chartis Research and TCA’s joint BFSI survey, it was found that the shifts in regulations and business are driving the changes and growth in the risktech market, and impacting digital transformation as a whole, leading to IT and cyber risk being the most important risk factors facing BFSI institutions.