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Operational risk software market is here to stay – market to be worth $1.55bn by 2011

According to Chartis Research’s latest report on Operational Risk Management Systems, the worldwide financial services operational risk management (ORM) market will continue to grow reaching a total value of $1.55bn by 2011.

“Recent high profile scandals, the credit crisis and regulatory requirements are fuelling this growth” comments Chartis, “Asia-Pacific, Latin America and Middle-East are driving the volume of orders and a healthy replacement market in Europe and US is driving the value.”

Chartis has also identified that finally the highly fragmented competitor landscape is starting to mature, with a handful of vendors representing the leading pack and consistently winning contracts around the globe. Several early movers have found ways to exit the market including trade-sale to larger global players.

“There is now more clarity in the marketplace regarding the strengths and weaknesses of different vendors” comments Chartis, “selecting the right vendor is a function of geographical location, sophistication of ORM methodology and budget”.