Operational Risk Management Solution Market Future Scenario, Key Insights, Top Companies 2028

The global "Operational Risk Management Solution Market" size is expected to grow from US$ 1,656.4 million in 2021 to US$ 3,098.0 million by 2028; operational risk management solution market share is estimated to grow at a CAGR of 9.4% from 2021 to 2028.

In response to the COVID-19 pandemic, corporations have made changes to their operations by implementing flexible work schedules, enabling remote working, and enhancing the employee experience. The implementation of hybrid work models is seen as a more flexible, digital, and rewarding future for employees. According to an article published by GENESIS INTEGRATION, 55% of US workers desire a work pattern that permits a combination of remote and office work. The article's data also shows that more than two in five working adults (42%) are willing to trade some portion of their salary for greater flexibility at work.

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Companies Profiled in this report includes:

• Adapt IT Holdings Ltd
• MetricStream, Inc.
• RSA Security LLC
• TPSCO LLC
• Rombit NV
• SAP SE
• Shell International B.V.
• Sphera Solutions, Inc.
• TenForce
• Cura Global GRC Solutions PTE LTD

Additionally, 74% of the younger generation would prefer to work from home or split their time between home and the office. The increasing adoption of a potentially permanent hybrid workforce has resulted in a rise in operational risk management solutions due to an increase in cybersecurity attacks during remote working. Furthermore, businesses must address the growing risk of internal fraud. The Asia-Pacific region has seen an increase in employee fraud cases over the last year during the COVID-19 pandemic, according to an article by Risk Management Intelligence in October 2021.

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Operational Risk Management Solution Market Segmentation:

By Deployment:
• On-Premise
• Cloud

By Enterprise Size:
• SMEs
• Large Enterprises

The Asia-Pacific region has seen an increase in employee fraud cases over the last year during the COVID-19 pandemic, according to an article by Risk Management Intelligence in October 2021. Some of the significant risks include procurement fraud, cash theft, and falsification of expense claims. Additionally, as business processes continue to transform in hybrid working environments, the demand for operational risk management solutions is increasing due to high risks. Internal controls and business continuity plans must be reassessed and audited to ensure that operational and process risks are appropriately identified and mitigated. Furthermore, with an increasing reliance on third-party service providers, including technology and business process outsourcing providers, organizations must strengthen their third-party risk management strategies. Thus, the growing implementation of a hybrid work culture is creating significant opportunities for the future growth of operational risk management solution industry players, as several risks such as cybersecurity, internal fraud, and business process risks increase.

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