Risk and Compliance Research Outlook 2023

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The first quarter of 2023 returned Financial Risk to the top of the list of CRO and Risk Management priorities. The sudden wave of banking crises adds another huge risk managemetn priority to CROs already deeply involved in determining the adverse effect of rising interest rates to credit risk. While these financial risks take precedence, the SVB banking failure does underline the need for continued Risk Transformation.

There will be additional consequences from this higher interest rate environment. Beyond the urgent increases in credit risk, we will see even greater regulatory focus on operational resilience. Regulators will not relax timeframes for having enhanced processes and systems to improve operational resliency. FIs are still coping with the increase in KYC due diligence and sanction screening that stemmed from the Ukraine conflict. And risk managers are still contending with increased financial, operational and third party management risk associated with the expansion into digital channels, products, and ecosystems.

All these factors make digitizing the risk back office a continuing priority and a central driver for risk technology investment through 2023 and beyond. Celent sees five key themes in Risk technology for 2023:

  • Data Management and Analytics for The Agile Enterprise. Next-generation data management techniques including data fabric and data wrangling to integrate and prep enterprise data for analysis; agile model development and maintenance leveraging self-learning AI and autoAI, and real time analytics to support ad hoc analysis and insight generation are transforming the art of the possible in risk management and financial crime compliance.
  • Industrializing The Building Blocks of Regtech: Four key technologies—big data, AI, APIs and cloud—are enabling a step change in the speed, agility, interoperability and efficacy of risk functions. The regtech startups that pioneered the application of next gen tech to risk functions are making significant headway in some operational risk and financial crime areas, but they do not have a monopoly on technology disruption. Internal data science and development capabilities, as well as incumbent technology partners, also have a role to play in risk technology transformation. Financial institutions need to carefully navigate these increasingly complex sourcing and build-versus-buy decisions.
  • Technology Transformation to Support Operational Resilience. For years, risk managers have had to contend with slow and inflexible governance, risk and compliance (GRC) systems, highly manual processes, and deeply siloed operations. The recent regulatory focus on operational resilience—in the first instance to ensure stability of services and systems in the digital age—is triggering significant GRC transformation projects focused on integrating both divisional silos as well as fragmented risk functions.
  • Dynamic Risk Assessment for Financial Crime Compliance: Financial institutions will apply new technologies in their financial crime operations to bridge silos in the AML value chain. This will increase analyst productivity, deliver enhanced insights in customer and transactional financial crime risk, and support a continuous, holistic risk-based financial crime program that focuses on entities with increasingly serious risk trajectories.
  • Multiprong Response to Emerging Risks: The challenges demanding agility in risk are not just about black swan events, they are perpetual. Business opportunities arising from new business models, ecosystems, and customer behaviors, such as digital financial services, require risk departments to both mitigate exposures as well as to maximize return. The two emerging risks that present striking risks and opportunities for the business are digital assets and ESG. For financial institutions making their forays into crypto or facing increasing pressure from clients and regulators around ESG, these new risk areas require a range of coordinated responses, from regulatory compliance and operational governance to portfolio risk management.


Celent’s Risk research focuses on technology strategies for optimizing risk managent across financial services. We examine new technologies and appoaches to manage financial risks and operational risks including GRC and third-party risk. Our industry-leading research on financial crime compliance keeps you up to date on next-generation technologies and regtech for anti-money laundering (AML) and know your customer (KYC), fraud, and market surveillance.

Industry Trends and Case Studies

  • Technology Trends Previsory: Risk 2022 Edition—Innovation Levers for Emerging Risks
  • ESG: Implications for Risk Management and Compliance
  • Digital Assets: Implications for Risk Management and Compliance
  • Resourceful Resilience: How Op Resilience is driving GRC Transformation
  • Pushing the Boundaries in AML Information Sharing
  • A New Platform for Operational Risk: ORX's iDP
  • Model Risk Manager Awards

ABCD Reports and Software Analyses

  • Crypto Investigative Tools for AML: A Regtech Solutionscape
  • Anti-Money Laundering Systems: Transaction Monitoring Edition
  • Anti-Money Laundering Systems: Watchlist Screening Edition
  • Regtech Taxonomy: Revolution in Fraud Technology
  • Regtech Taxonomy: Governance, Risk and Compliance Edition
  • Outsourcing and Managed Services in Financial Crime Compliance
  • Solutions for FATCA and the CRS: Closing Loopholes with Technology

IT and Operations Spending

  • Global Survey of IT and Operational Spending in Risk Management
  • IT and Operational Spending on AML-KYC: 2023 Edition
  • IT and Operational Spending on Fraud: 2023 Edition

Contact us for more information about what we have planned in Q2.

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