FICO, a leading analytics company, today announced that it has been named a category winner in the 2019 Chartis’ RiskTech100® report, which ranks the top 100 risk technology providers, and recognises success in specific risk and compliance categories. FICO rose five places from last year to place at number seven; the company has improved its standing year-over-year for the second consecutive year in a row. In addition, FICO won awards in three categories: Innovation, AI, and Cyber Risk Quantification.
“FICO’s ranking in this year’s list reflects the company’s continued innovations around machine learning, artificial intelligence, and other advanced analytics solutions,” said Sidhartha Dash, Research Director at Chartis Research. “In this rapidly changing risk technology landscape, FICO’s technology and industry experience put it in a good position to help its clients meet their objectives and business challenges.”
The categories that FICO won highlight FICO’s industry leadership and deep technology expertise:
Innovation – this award is given to the firm with the highest ranking score in the RT100 Innovation dimension, which considers three factors: new product development (new ideas, functionality and technologies to improve risk management for target customers in relation to a vendor’s closest competitors); exploitation (speed to market, positioning of new products and translation of each into incremental revenues); and new business models (innovating new business models, which generate profitable growth).
AI – this award recognises excellence in the area of artificial intelligence, covering the full gamut of statistical techniques.
Cyber Risk Quantification – this award emphasises excellence in the quantification and development of analytical models and frameworks of cyber risk.
“We’re honoured that Chartis has recognised FICO’s work in risk and compliance technology. This is a validation of FICO’s commitment to providing analytic solutions that help organisations make business decisions that reduce risk, drive higher levels of growth, increase profitability and improve customer satisfaction,” said Doug Clare, vice president of product marketing at FICO.
“Our category wins show that innovation is at the heart of FICO’s product development; we will continue to be at the forefront of driving new developments in AI, machine learning, and risk solutions that meet our customers’ needs,” said Nikhil Behl, vice president of marketing at FICO.
RiskTech100® is globally acknowledged as the most comprehensive independent study of the world’s major players in risk and compliance technology. The rankings are published in a report which also contains analysis of the major trends that have shaped the risk technology market over the past year.