Implementing any platform such as that of RiskCounts is never purely a technology endeavor. There are many other issues, and opportunities, including changing business structure, complex user requirements, supporting multiple stakeholders (internal and external) with differing reporting needs, program governance and SLAs. Having said that, our focus is to examine some of the key technical aspects in building such a platform, and solutions to reside on it.
The need of the day is a simple, elegant, functional and easy to use Risk Applications that can serve business needs.
OUR VISION IN CREATING A PLATFORM
The last 10 years have witnessed an incredible amount of changes in the global financial services. Banks, Insurers & Fintech firms continue to evolve their operating models rapidly in response to a range of forces – regulatory, economic, risk, digital transformation, cyber security, vendor relationships, external threats, technology implementation challenges and employee conduct. All of these present huge challenges on the Operational Risk (OR) front in particular. Indeed, Operational Risk has emerged as one of the highest areas of spend at large institutions. Medium and Small institutions have only now begun investing in this critical area.
From a deployment standpoint, many existing Risk Platforms continue to be seen as inflexible, purely IT-led and complex or cumbersome to use. They are also based heavily on older, bordering on obsolete technology and have notably led to very long implementation and maintenance cycles. As Forrester notes,
“Innovation in the GRC space is still lacking as vendors have continued to leave user expectations unfulfilled. Users also note that while the capabilities of the platform may be extensive and highly configurable, their processes and level of maturity lead them to ignore those advanced aspects of the platform, leaving them struggling to get value out of even the basic functionality they’ve deployed.” **
RiskCounts Technology Platform
RiskCounts technology stack provides for a Cloud based deployment model, integrated workflow for different business users, a highly intuitive UX, and proactive monitoring that will meet or exceed user expectations. Key technology elements will include the below: