Global Financial Risk Management Software Market is valued approximately at USD 2.86 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 14.4% over the forecast period 2024-2032. Financial Risk Management Software refers to specialized tools and systems designed to help organizations identify, assess, and mitigate various types of financial risks that may impact their operations. These risks can include market risk, credit risk, liquidity risk, operational risk, and more. The software typically provides comprehensive analytics, modeling and reporting capabilities to assist financial professionals in understanding and managing potential threats to their financial well-being. The Financial Risk Management Software market is expanding because of factors such as increasing incidence of financial fraud, globalization of financial markets and increasing regulatory compliance requirements.

The rise in financial frauds and cyber threats have prompted organizations to invest in risk management solutions to detect and prevent fraudulent activities, protecting both financial assets and reputation. According to the Reserve Bank's report on banking trends and advancements, there were 8,363 instances of fraud amounting to USD 4.55 Billion recorded by banks between April and September of 2023-24. This is in contrast to the 13,242 cases involving USD 25.89 Billion reported for the entire fiscal year of 2022-23. Additionally, the Federal Reserve Bank of Boston noted that in the United States, banks issued approximately 680,000 reports of check fraud, almost twice the number reported in 2021. Moreover, rising adoption of cloud-based financial risk management software and rising investment in adoption of digital infrastructure in banking system are creating new opportunities to the market growth. However, complexity associated with software installation and configuration and high costs of deploying financial risk management software are restraining the market growth throughout the forecast period of 2024-2032.

The key regions considered for the Global Financial Risk Management Software Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share. The market in the region is driven by factors such as the region's complex financial ecosystem, regulatory imperatives, cybersecurity concerns, the integration of advanced technologies, and the demands of an interconnected global economy. As organizations strive to fortify their risk management frameworks and comply with evolving regulatory standards, the market for financial risk management software is poised for continued expansion in the North American region. Asia Pacific region is expected to grow as the fastest growing region during the forecast period. the growth of the Financial Risk Management Software market in Asia Pacific is propelled by factors such as the evolving financial landscape, regulatory imperatives, technological advancements, globalization trends, and the imperative to combat financial fraud. As businesses in the region seek comprehensive risk management solutions, the market is poised for continued expansion to meet these diverse and evolving needs.

Major market player included in this report are:
Abrigo Inc
Accenture Plc.
Ernst & Young Global Limited (EY)
Fiserv Inc
LogicGate, Inc.
Oracle Inc
Riskonnect Inc.
S&P Global Inc
SAS Institute Inc
Temenos AG
Recent Developments in the Market:
In January 2023, Abrigo, a prominent provider of compliance, credit risk, and lending solutions for financial institutions, disclosed its acquisition of DiCOM Software, LLC, a leading provider of automated credit risk management software. This strategic collaboration between Abrigo and DiCOM Software, based in Orlando, Florida, is anticipated to offer financial institutions access to top-notch loan review and portfolio analysis solutions. These solutions are deemed crucial for safeguarding asset quality, especially in the context of the escalating pressure on borrowers.
In December 2022, EY completed the acquisition of ifb SE, an esteemed international consultancy specializing in financial and risk transformation. This strategic move significantly bolstered EY's capabilities in finance, risk transformation, and compliance, broadening the scope of services offered to its clients. The acquisition is poised to amplify EY's consulting prowess, empowering its teams to undertake intricate and extensive digital transformation projects in finance and risk management, particularly within the financial services sector
Global Financial Risk Management Software Market Report Scope:
Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2024-2032
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Component, Deployment Mode, Enterprise Size, End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Software
Service
By Deployment Mode:
On-premise
Cloud
By Enterprise Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By End User:
Banks
Insurance Companies
NBFCs
Credit Unions
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa