Enterprise Risk Management Platforms features explained
for Risk Management
Comprehensive solutions that provide a holistic view of organizational risks, enabling identification, assessment, mitigation, and reporting of risks across the enterprise.
Every feature we track for Enterprise Risk Management Platforms products, with a description of what each one means.
Auditability & Traceability
Capabilities that ensure changes, decisions, and actions are tracked, transparent, and recoverable.
- Change Approval Workflow
- Enforces approval of critical changes before implementation.
- Comprehensive Audit Trail
- Complete logging of all changes to risk records and configurations.
- Integrated Document Management
- Store, version, and audit supporting documents within the platform.
- Time-stamped Logs
- Logs include accurate date/time stamps for forensic analysis.
- User Activity Monitoring
- Monitor and review individual user actions for compliance.
- Version Control
- Ability to roll back to previous states of data, methodologies, or configurations.
Collaboration & Communication
Features that allow stakeholders to work together on risk management tasks, share feedback, and ensure consistent communications.
- Document Collaboration
- Co-author, review, and track document changes.
- Feedback & Survey Tools
- Embedded features for soliciting and aggregating user input.
- Integrated File Sharing
- Directly share reports, evidence, and documents with stakeholders.
- Internal Messaging
- Communicate, comment, and share insights within the platform.
- Meeting Scheduling Integration
- Tools to coordinate risk meetings or reviews.
- Notifications & Alerts
- Send out time- or event-based notifications to stakeholders.
- Number of Supported Collaboration Users
- How many users can simultaneously work together on a risk or task.
- Team Task Assignment
- Assign specific tasks to teams or individuals in platform.
Configurability & Customization
Extent to which clients can tailor workflows, fields, processes, and user experience.
- API Extension Points
- Ability to extend data model and business process through APIs.
- Branding Support
- Ability to add company logos, brand colors, and white labeling.
- Custom Alert Rules
- Tailor when and how system sends notifications or escalations.
- Custom Risk Scoring Formulae
- Design and implement unique risk scoring models.
- Custom Workflow Builder
- Graphical tools to design and modify business workflows.
- Field/Screen Customization
- Add, remove, or edit data fields and screen layouts.
- Localization (Language/Region Support)
- Support for multiple languages, currencies, and date formats.
- Rule Engine
- Create business logic to automate processes under specified conditions.
Governance, Risk, and Compliance (GRC) Features
Functionality to ensure risks and controls are mapped to regulatory and compliance frameworks.
- Attestation Management
- Collect and store formal sign-offs on compliance activities.
- Audit Trail
- Immutable logs of all risk/compliance changes and actions.
- Automated Regulatory Updates
- Receive and integrate updates to changing regulations.
- Compliance Calendar
- Central calendar for all compliance-related tasks and deadlines.
- Compliance Dashboard
- Real-time visualizations of compliance status across risk categories.
- Issue & Incident Management
- Track, escalate, and resolve compliance and risk issues.
- Policy Management Integration
- Link controls to digital policy management system.
- Regulatory Framework Mapping
- Map risks/controls to standards (Solvency II, SOX, GDPR, etc.).
Integration Capabilities
Mechanisms to connect with core systems, data sources, and third-party applications.
- API Support
- Open APIs for integration with other enterprise systems.
- Core Insurance Platform Integration
- Direct connectors with policy admin, claims, underwriting, and actuarial systems.
- Data Import/Export
- Ability to import and export data from/to multiple formats or systems.
- Data Lake Compatibility
- Ability to integrate with enterprise data lakes and warehouses.
- Number of Supported Connectors
- Quantity of pre-built integrations with third-party products.
- Single Sign-On (SSO)
- Integration with enterprise authentication systems.
- Third-Party Risk Data Integration
- Supports ingestion of external risk analytics or threat intelligence.
- Webhooks
- Trigger external events based on platform actions.
Risk Identification & Assessment
Capabilities for finding, categorizing, and evaluating all types of risks relevant to an insurance enterprise.
- Automated Risk Detection
- System automatically scans data to detect emerging risks.
- Inherent and Residual Risk Scoring
- Assesses risks before and after mitigation measures.
- Manual Risk Entry
- Users can manually input and categorize specific risks.
- Number of Supported Risk Types
- How many distinct risk types the system can handle.
- Qualitative & Quantitative Assessment
- Supports both narrative assessment and numerical scoring.
- Real-Time Risk Updates
- Delivers up-to-the-minute changes in risk profiles.
- Risk Appetite Alignment
- Links risk scoring and recommendations to organizational risk appetite statements.
- Risk Prioritization Engine
- Automatically ranks risks according to defined criteria.
- Risk Taxonomy Customization
- Allows customization of taxonomy and categories to suit business needs.
- Scenario Analysis
- Ability to simulate and assess impact of potential events.
- Third-Party Data Integration
- Integration with external databases or feeds for new risk insight.
- Time to Identify New Risk
- System’s average time to identify a new risk from data ingestion.
Risk Mitigation & Control Management
Features to manage, assign, and track responses or mitigating controls to identified risks.
- Action Management & Workflow
- Automates workflows for follow-up and completion of tasks.
- Automated Control Testing
- Schedules and conducts control tests on defined intervals.
- Control Frequency Setting
- Supports scheduling of control activities and tests.
- Control Library
- Central repository for mitigation controls and actions.
- Control Owner Assignment
- Assigns named individuals or teams to each control.
- Mitigation Assignment
- Assign responsibility for specific mitigation actions.
- Mitigation Completion Time
- Average required time for closure of mitigation actions.
- Mitigation Effectiveness Tracking
- Monitor and assess the effectiveness of controls.
- Policy & Procedure Linkage
- Links mitigation controls to relevant internal policies.
- Remediation Plan Management
- Support for managing, tracking, and reporting on remediation plans.
Risk Reporting & Analytics
Tools for generating detailed, customizable reports and dashboards for risk exposure, trends, compliance, and performance.
- Customizable Dashboards
- Users can design personalized dashboards and widgets.
- Data Visualization Tools
- Interactive charts, graphs, and heatmaps for risk data.
- Drill-Down Analysis
- Click through from summary to detail in analytics dashboards.
- Peer Benchmarking
- Compare risk exposure/performance against industry peers.
- Real-Time Data Refresh
- How frequently dashboard data updates.
- Regulatory Reporting Templates
- Standard templates for regulatory bodies (e.g., Solvency II, NAIC, IFRS 17).
- Report Export Formats
- Number of supported formats: PDF, Excel, CSV, etc.
- Risk Heatmaps
- Visual mapping of risk severity, frequency, and exposure.
- Scheduled Automated Reports
- Create and distribute periodic risk reports automatically.
Scalability & Performance
System capacity to handle growing data, additional users, and processing volume without degradation.
- Concurrent User Performance
- Number of concurrent users without notable slow-down.
- Data Ingestion Rate
- Volume of risk or event data ingested per unit time.
- Disaster Recovery Options
- Automated tools for backup and business continuity.
- High Availability (HA) Support
- System includes redundancy and failover for uptime targets.
- Horizontal Scalability
- Architecture can add servers/nodes to handle increased loads.
- Maximum Supported Records
- Largest volume of risk/control records the system supports.
- Transaction Processing Speed
- Time to process a standard risk event or transaction.
Security & Data Protection
Mechanisms for ensuring confidentiality, integrity, and availability of sensitive risk data.
- Anomaly Detection
- Automated detection of suspicious access or usage patterns.
- Audit Compliance (e.g., SOC2, ISO 27001)
- Certified compliance with recognized security standards.
- Data Encryption at Rest and in Transit
- Sensitive data is always encrypted both during storage and transmission.
- Data Masking
- Masking of sensitive fields in UIs, reports, and exports.
- Data Retention Policies
- Ability to configure and enforce retention periods for sensitive data.
- Granular Access Permissions
- Fine-grained control over specific data, modules, and features.
- Penetration Testing Certification
- Third-party validation of platform security posture.
- Security Incident Alerts
- Real-time notification of detected security events.
User Management & Access Control
Tools to manage roles, permissions, and user authentication for data security and privacy.
- Audit Logging
- Tracks and logs all user access and data changes.
- Concurrent User Limit
- Maximum number of users able to log in simultaneously.
- Delegated Administration
- Assigns admin rights for specific modules or data sets.
- Multi-Factor Authentication (MFA)
- Adds an extra layer of user authentication.
- Number of User Roles Supported
- How many distinct user roles can be configured.
- Role-based Access Control (RBAC)
- Granular permissions based on user roles.
- User Profile Customization
- Ability for users to customize their workspace and alerts.
- User Provisioning & De-provisioning
- Automated on-boarding and deactivation of user accounts.