Operational risk management solutions enable businesses to develop and implement strategies for effectively managing the risk of loss resulting from failed or inadequate internal processes and systems. The operational risk management solutions empower users’ business to integrate risk and incident management in business processes, create a risk-aware culture through the enforcement of accountability, link risk management directly to decision making, and monitor organizational & individual performance against goals & objectives. The operational risk management solution provides several features and benefits, including support for multiple methodologies & frameworks to manage operational risk & ensure compliance against regulations; actual-time visibility through interactive dashboards & reports; alert users & managers to tasks, actions, and escalations regarding operational risk management tasks; safeguard operational information through roles-based security & audit trails; host compliance information on-site or in the cloud. The above features and benefits of operational risk management solutions help effectively manage the risks in any organization.
SAP SE; MetricStream, Inc.; Adapt IT Holdings Limited; RSA Security LLC; and Shell International B.V. – Prominent Market Participants in Operational Risk Management Market
Factors such as increasing adoption of operational risk management in fintech companies and rising instances of cyber-attacks are influencing the market growth. However, the complexities associated with operational risk management solutions are restraining operational risk management solution market growth. Moreover, the ongoing implementation of hybrid working styles and integration of AI in operational risk management are among other factors contributing toward the market growth.
The global operational risk management market is segmented based on an deployment type as cloud based and on premise. The operational risk management market is categorized on basis of the enterprise size as small and medium size enterprise (SME’s) and large enterprise. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the overall market.
The top five companies in the market Adapt IT Holdings Limited; MetricStream, Inc.; RSA Security LLC; SAP SE; and Shell International B.V.. The above listing of key players is derived by considering multiple factors such as overall revenue, current operational risk management portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2022 | Winnie managed to raise $ 9M in a series of funding. The round was led by Rethink Impact, with participation from Reach Capital, Impact America Fund, Unusual Ventures, Ludlow Ventures, Afore Capital, Day One Ventures, Kairos, and April Underwood, the former. These funds will be used by the company for its further business expansion | North America |
| 2021 | Baby Connect has announced the business transformation and shifting towards the subscription model, wherein the customer has to pay monthly subscription fees for the usage of the application. A subscription plan is valid for the whole family, limiting the number of caregivers and family members. | Europe |
| 2021 | AppClose, Inc. announced new features in the application such as in-App audio and video calling features, along with desktop version of the application. | North America |
