The flurry of regulations emanating from the Dodd-Frank Act, Basel III and Solvency II has induced an outpouring of technology spending from companies in the financial service sector, a new report finds.

The sixth edition of Chartis Research's RiskTech100 report finds compliance concerns driving risk technology expenditures across the industry.

Moreover, the principle-based nature of the new regulations is leading to a rethinking of organizational structures, business processes and underlying technology architectures as well as fostering a trend toward value-based compliance and away from the traditional "tick box" mentality.

"There is a quiet revolution taking place in the financial services industry, where the disciplines of risk and finance are converging," said Peyman Mestchian, managing partner of Chartis Research.