The financial services industry is undergoing significant transformation due to various micro-economic and macro-economic factors, including business model transformations, adoption of new technologies, changing regulatory environments, making this industry a highly complex ecosystem. They are constantly evolving the way they manage risk to leverage emerging technologies, and to increase risk management productivity and effectiveness. There is need to incorporate enhanced, nimble, and robust risk management techniques/capabilities, which will be able to address newer financial as well as non-financial risks and the challenges of regulatory fragmentation.