Markit has been named a ‘category leader’ in the 2016 Chartis RiskTech Quadrant for risk data aggregation and reporting (RDAR). The ranking recognises the company’s deep domain knowledge across numerous risk topics and strong technology capabilities.
The Chartis RiskTech Quadrant evaluates vendors’ product offering focused on functionality, data management architecture, risk analytics and reporting. It also considers broader factors such as a company’s investment in innovation and levels of customer satisfaction.
“With a global risk data aggregation reporting market worth $10.46 billion, nearly half of this spend is on new technology. Business benefits accrue for firms that have a good infrastructure to collect and handle trusted data,” said Peyman Mestchian, managing partner, Chartis. “A non-siloed approach is necessary to allow regulators to access capital and collateral data more quickly and run stress test scenarios. Better data is not just a compliance process, it delivers pricing, analytical and risk benefits.”
“The cost and effort of compliance means firms need to ensure easy regulatory reporting across a broad range of asset classes,” said Yaacov Mutnikas, Cohead of Solutions, Markit. “The research by Chartis indicates there is still a disconnect between the CRO and the CDO, suggesting financial institutions still need to more closely align their risk and data strategies. They also recommend that all regulatory reporting, compliant conduct and internal risk management should be underpinned by a best practice template based on BCBS 239.”