Integrated risk management software of the year: TS Imagine
As firms seek real-time visibility across increasingly complex trading environments, TS Imagine has developed an integrated risk platform that helps clients monitor exposures across markets, counterparties and asset classes
As trading activity becomes increasingly multi-asset, continuous and globally fragmented, risk managers are under pressure to aggregate exposures across products, counterparties and jurisdictions in near-real time. Legacy architectures built around siloed workflows and overnight batch processing are proving more difficult to sustain.
Rob Flatley, TS Imagine
TS Imagine’s response to these market dynamics helped secure the firm’s placing as Integrated risk management software of the year in the Risk Technology Awards 2026.
Companies are increasingly seeking a consolidated view of exposures across trading businesses to stay ahead of market volatility, geopolitical uncertainty and shifting regulatory requirements. This task becomes more complex as institutions expand across products, markets and regulatory regimes.
This multifold challenge is what TS Imagine’s cutting-edge RiskSmart platform seeks to address, says Rob Flatley, founder and chief executive officer. “Our clients need a consolidated view of their risk exposure across multiple asset classes, multiple regulatory frameworks in multiple jurisdictions, paired with all of their transactional activity.”
The platform provides users with the ability to analyse margin, liquidity and market risks as conditions evolve throughout the trading day through its two editions: RiskSmart X for sell-side and RiskSmart+ for buy-side firms. It provides a consolidated view of risk, margin and profit-and-loss (P&L) exposures across multiple asset classes within a single environment.
Flatley emphasises that institutions increasingly need to manage exposures not only at the client level, but also across clearing venues and counterparties, while maintaining visibility into leverage, margin requirements and market risk in real time. RiskSmart delivers that consolidated perspective.
It brings together risk data across more than 10 asset classes, supported by over 100 risk models and coverage of more than 20 million listed and over-the-counter (OTC) instruments across global markets. Users can analyse exposures, sensitivities and P&L drivers through a single interface, with the ability to slice and aggregate risk across dimensions, including geography, strategy and instrument type.
RiskSmart’s emphasis on real-time processing is a key differentiator from its peers. As trading activity becomes increasingly electronic, and market infrastructure evolves towards shorter settlement cycles, firms are finding that overnight batch processes no longer provide sufficient visibility into fast-changing market conditions.
“The margin period of risk has evaporated completely in some asset classes,” says Flatley. “Firms are moving to cross-enterprise exposure because their clients are multi-asset class, and they’re having to do that in real time because the batch windows are gone.”
The platform is designed to support buy- and sell-side workflows on a continuous basis, incorporating exchange, clearing house and house margin calculations alongside market risk analytics and stress-testing. RiskSmart currently supports 33 central counterparties, more than 50 exchanges and 13 margin methodologies.
Our clients need a consolidated view of their risk exposure … paired with all of their transactional activity
Rob Flatley
Over the past year, TS Imagine has expanded several areas of functionality in response to changing market conditions and client requirements.
Enhancements to RiskSmart’s CCP Margin Calculator enable clients to model clearing house methodologies with greater precision, and forecast initial margin requirements at the clearing-account level. “There are three legs to that stool,” says Flatley. “There’s the client, the leveraged client exposure, and then there is the central counterparty [CCP] risk.” That capability is essential for treasury and risk teams to anticipate intraday liquidity needs before margin calls arise.
The firm has also enhanced the platform’s What-if analysis functionality, allowing users to test prospective trades, portfolio adjustments and hedging decisions before capital is committed. Expanded stress-testing capabilities enable firms to model bespoke scenarios reflecting geopolitical events, correlation breakdowns and market dislocations that may not be represented in historical data.
In addition, TS Imagine’s new House Rules Margin functionality allows futures commission merchants and prime brokers to apply proprietary margin methodologies that reflect their own risk appetite and client characteristics.
Client demand has played an important role in shaping these developments. One futures commission merchant overseeing $5 billion in assets adopted RiskSmart to replace three separate systems used for stress-testing, margin and end-of-day risk, consolidating workflows while reducing total cost of ownership across exchange-traded and OTC businesses.
Looking ahead, artificial intelligence is changing not only how firms manage risk but how markets behave. Flatley says the firm’s AI strategy begins with its trusted data foundation rather than layering AI onto fragmented information. As algorithmic trading and automated liquidity accelerate market activity, firms have less time to identify emerging exposures, while traditional assumptions about correlations and stress scenarios are becoming less dependable. For risk teams, the emphasis is shifting towards continuous monitoring, faster scenario analysis and infrastructure capable of supporting real-time decision-making across asset classes.
Over the past five years, TS Imagine has invested around $100 million in creating a consolidated data layer spanning pricing, reference, analytics and transaction data.
“The investment we made was in becoming a master consolidator of prices, corporate actions, reference, terms and conditions, quantitative, analytics and transaction data,” says Flatley. “Now we have all that prepared, we will bring AI on top of the data.”
As trading becomes more continuous and cross-asset exposures get more complex, firms are placing greater emphasis on platforms such as RiskSmart that deliver a real-time, consolidated view of risk across the trading lifecycle.
