Research partner Media partner - EY

1 Research partner Media partner Independent Research by November 2016. 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 and Solvency II.

2 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 2016. 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.

3 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. 2 Copyright Chartis Research Ltd 2016 | All Rights Reserved About our partners EY is a global leader in assurance, tax, transaction and advisory services.

4 The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. About EY's Fraud Investigation & Dispute Services Dealing with complex issues of fraud, regulatory compliance and business disputes can detract from efforts to succeed. Better management of fraud risk and compliance exposure is a critical business priority no matter what the industry sector is. With over 4,500 fraud investigation and dispute professionals around the world, we can assemble the right multidisciplinary and culturally aligned team to work with you and your legal advisors.

5 We work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide. With over 84,000 registered members, RiskTech Forum ( ) is the leading independent information resource for the global risk technology community. RiskTech Forum is dedicated to the role of technology as an enabler for risk management. It aims to build the premier network of risk, compliance, and technology professionals and to act as a single hub for high quality Research and news relating to risk technology. RiskTech Forum provides free access to over a thousand Research papers, videos and opinions. The content covers multiple industries including banking, capital markets, insurance, and corporates. It also covers multiple risk and technology subjects, including market risk, credit risk, operational risk/GRC, financial crime, regulatory risk, risk analytics, and data management.

6 For more information, visit RiskTech Forum at Copyright Chartis Research Ltd 2016 | All Rights Reserved 3. Contents 1. Foreword 5. 2. Overview 6. 3. Key trends 8. 4. Corporate misconduct individual consequences 18. 5. RiskTech100 Rankings 2017 25. 6. Category winners 28. 7. Appendix A: Research methodology 29. 8. Appendix B: How to read the RiskTech100 rankings 30. 9. How to use Research and services from Chartis 32. 10. Further Chartis reading 34. List of figures and tables Figure 1 RiskTech100 Taxonomy 6. Figure 2 Unethical behaviors, regional differenes 20. Figure 3 Spotlight on finance 21. Figure 4 Why don't executives report unethical conduct? 22. Figure 5 RiskTech100 Research methodology 29. 4 Copyright Chartis Research Ltd 2016 | All Rights Reserved Foreword Welcome to Chartis's RiskTech100 report for 2017.

7 Now in its eleventh year, the RiskTech100 is globally acknowledged as the most comprehensive independent study of the world's major players in risk and compliance technology. This year we're delighted to feature additional insight from our Research partner EY. Chapter 4 on page 18 includes the key findings of EY's 14th global fraud survey, which highlights how corporate misconduct remains a challenge for company boards, despite the efforts of governments and institutions around the world to deal with the problem. Globally, expenditure on risk technology has been rising by about 10% in the past 12 months, but we believe this will slow to about 6% in 2017. This development highlights an interesting trend a shift from knee-jerk' risk IT investment to smart' investment. We've been asked to advise on several system selection and technology transformation programs for organizations that have reached compliance, but which are aiming to optimize and simplify fragmented risk technology systems and processes.

8 We are seeing this trend across the globe, in all vertical industries and tiers. For me, the most significant demand-side driver in the market is the shift in risk management responsibilities and accountability to the front office. This is partly because of regulatory requirements but it's also better risk management. Business lines are having to take ownership for risk, and this has significant implications for technology, data and analytics. For organizations, the key enabler for success will be accessing the right information trusted information at the moment it's needed. To compete in the rapidly changing risk technology marketplace, vendors will need sustainable product, technology and business strategies. New and innovative vendors are finding creative solutions to complex risk management problems, applying artificial intelligence, advanced natural language processing, Big Data infrastructures and robotic process automation to a variety of compliance activities.

9 To reflect all these trends, we have made some minor changes to the RiskTech100 scoring criteria and methodology. This year we have replaced the category of Organizational Strength' with a new one called Strategy' (see page 31 for more information). We have also slightly increased the weighting for data management capabilities in our Core Technology' category, because poor data management is still the number one obstacle to organizations' success. At Chartis, our goal continues to be providing clarity and insight on all aspects of the risk technology and financial technology markets, and RiskTech100 remains a key pillar of our analysis. I hope you enjoy this year's report. Peyman Mestchian Managing partner Copyright Chartis Research Ltd 2016 | All Rights Reserved 5. Overview 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.

10 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 below, which this year focus on solutions, industry segments and success factors. We have removed the geographical categorization, to reflect the global nature of risk and financial technology markets. Reflecting the continued challenges and opportunities facing financial firms, the increasing importance of data, and the ongoing evolution of technology, this year's report includes some additional categories: Artificial Intelligence', Data Integrity and Control', Model Risk Management', Risk as a Service' and XVA'. We have also replaced the category of Organizational Strength' with a new one, Strategy', to reflect changes in the wider enterprise and vendor landscape.