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Audit & Monitoring

Features for monitoring ongoing risk and compliance activities and for maintaining comprehensive audit records.

Audit report generation: Automatically compiles and formats audit-ready reports.
Automated controls testing: Regularly tests control effectiveness and documents results.
Automated exception logging: Automatically records exceptions and unusual events.
Change management tracking: Monitors changes to data, rules, and configurations.
Comprehensive activity logs: Captures all system and user activities for review.
Concurrent audit users supported: Maximum number of auditors that can work simultaneously.
Exception alerting: Notifies users of irregular events or failed checks.
Forensics and drill-back tools: Allows detailed reconstruction and investigation of events.
Periodic review scheduler: Automates scheduling and reminders for audits and reviews.
Retention period for logs: Duration for which audit logs are retained in the system.

Data Integration & Connectivity

Features that allow seamless collection, ingestion, and synchronization of data from internal and external sources to support risk analysis.

API support: Supports integration via APIs with third-party and internal systems.
Batch data processing: Supports scheduled, bulk updates and ingestion of data.
Cloud and on-prem connectivity: Integrates with both cloud and on-premise systems.
Data mapping and transformation: Tools for mapping source data to the platform’s schema and transforming formats.
Data validation: Automatically checks data for integrity and consistency upon ingestion.
ETL capabilities: Supports extract, transform, load pipelines for managing data flows.
Multi-source data ingestion: Ability to import data from multiple structured and unstructured sources.
Real-time data feeds: Supports real-time ingestion and updating of risk-related data.
Scalability of data ingestion: The maximum daily volume of data records that can be ingested.
Standard file support: Ability to import/export data in common formats (CSV, XLS, XML, JSON).

Performance & Scalability

The platform’s ability to handle large volumes, many users, and high throughput with minimal degradation in service.

Average page load time: Typical time for loading key dashboards or modules.
Cloud-native architecture: Designed for scalable cloud or hybrid deployments.
Concurrent users supported: Maximum simultaneous users during peak usage.
Data throughput capacity: Maximum volume of data processed per second.
Disaster recovery options: Provides built-in DR and data backup capabilities.
High-availability configuration: Supports failover and redundancy for resilience.
Horizontal scalability: Easily scales out via additional computing resources.
Load balancing: Distributes system load across multiple servers or nodes.
Processing capacity per fund: Number of funds/entities supported without degradation.
Uptime SLA: Guaranteed platform availability over time.

Regulatory Compliance Management

Automation and support for regulatory data, document tracking, and compliance reporting.

Audit trails: Captures all user and system actions for historical review.
Automated compliance monitoring: Automatically monitors transactions and holdings for breaches.
Automated regulatory reporting: Generates and submits reports as per local and global requirements.
Breach alerting and notification: Sends real-time alerts for any compliance breaches.
Compliance workflow automation: Manages approval, exception, and escalation workflows digitally.
Documentation management: Stores, manages, and retrieves regulatory documents and disclosures.
Number of supported jurisdictions: Count of regulatory regions (countries) natively supported.
Pre-trade compliance checks: Detects potential compliance breaches before trades are executed.
Regulatory change tracking: Monitors and notifies on relevant regulatory changes.
Regulatory rules library: Comprehensive library of rules for key jurisdictions (e.g., SEC, ESMA, FCA).

Reporting & Visualization

Capabilities for producing, sharing, and customizing risk and compliance reports and dashboards.

Ad-hoc reporting: Users can create custom reports without coding.
Automated distribution: System can automatically distribute reports to stakeholders.
Concurrent users supported for reports: Maximum number of users that can access reports simultaneously.
Customizable dashboards: Dashboards can be customized per user or role, with drag-and-drop widgets.
Data visualization tools: Offers graphs, heatmaps, and advanced visualization features.
Drill-down capabilities: Users can drill down into data for detailed analysis.
Export to multiple formats: Ability to export reports (PDF, Excel, HTML, CSV).
Interactive visualization speed: Average response time for rendering custom dashboard views.
Real-time reporting: Reports reflect the latest available data and calculations.
Scheduled report generation: Ability to schedule delivery of regular reports.

Risk Analytics & Modeling

Capabilities for quantifying, analyzing, and forecasting various types of risks.

Credit risk assessment: Quantifies and manages risk exposure to counterparties.
Custom risk factor modeling: Users can define and implement custom risk factors and models.
Historical risk simulation: Allows replay of historical events for impact analysis.
Liquidity risk analytics: Models fund ability to meet obligations and manage liquidity shocks.
Market risk calculation: Ability to model and calculate exposure to market risks (e.g., VaR, stress tests).
Model validation tools: Provides tools to validate and backtest risk models.
Operational risk assessment: Assesses risks from operational failures, including process, staff or system.
Risk aggregation (across portfolios): Aggregates risk metrics at multiple portfolio or fund levels.
Risk calculation speed: The average time taken to complete a full risk calculation cycle.
Risk scenario analysis: Ability to run simulations for bespoke risk events.

Security & Access Control

Mechanisms to protect data integrity, secure sensitive information, and control user access.

Comprehensive audit logging: Maintains detailed logs for all data access and changes.
Data encryption (in transit and at rest): Encrypts sensitive data during transfer and storage.
Data masking and anonymization: Masks sensitive data fields for select users or roles.
Granular permission settings: Fine-tuned data and function-level access configuration.
Incident & breach detection: Monitors and alerts on potential security incidents.
Maximum concurrent user sessions: Maximum user sessions that are allowed simultaneously.
Multi-factor authentication: Enforces additional security checks for user logins.
Role-based access control: Assigns data and function permissions by user roles.
Single Sign-On (SSO): Integrates with corporate identity providers for access.
User provisioning and de-provisioning: Automates the onboarding and offboarding of users.

User Experience & Usability

Attributes that enhance ease of use, learning curve, and user satisfaction.

Accessibility features: Compliant with accessibility standards (e.g., WCAG).
Average number of clicks to complete workflow: Measures usability and process optimization.
Contextual help: Built-in help, tooltips, and guided tours.
Custom notifications: Users can configure notification settings.
Internationalization/localization: Supports multiple languages and regional formats.
Intuitive user interface: Interface is easy to navigate and learn.
Keyboard and voice navigation: Supports keyboard shortcuts and/or voice commands.
Mobile access: Accessible on smartphones and tablets.
Personalized homepages: Users can set and modify their landing screens.
Time to proficiency: Average time required for new users to become proficient.

Vendor Support & Platform Maintenance

Characteristics related to support, service, and the platform’s ongoing operational health.

24/7 technical support: Vendor offers around-the-clock support services.
Automatic software updates: Platform receives regular, automatic patching and feature updates.
Average issue resolution time: Mean time to resolve client-reported production issues.
Comprehensive documentation: Up-to-date guides for administration, user, and integration support.
Dedicated account manager: Customers are assigned a specific contact from the vendor.
Frequency of major platform updates: How often major feature or version updates are released.
Onboarding/training services: Vendor offers user onboarding and ongoing training options.
Proactive system monitoring: Vendor monitors health and performance of client deployments.
Service Level Agreement (SLA) metrics: Key metrics defined in the support contract.
User community and forums: Access to community knowledge and peer support.

Workflow & Task Automation

Tools for automating repetitive and complex processes within risk and compliance management.

Approval tracking: Tracks approvals, signatures, and acknowledgments digitally.
Automated task assignment: Routes tasks to responsible users based on defined criteria.
Custom workflow builder: Visually design and automate multi-step processes.
Exception management: Tracks and manages process exceptions and their resolutions.
Integration with communication tools: Integrates with email, chat, or ticketing for notifications.
Notification and escalation rules: Automated alerts and escalation when timelines are missed.
Number of customizable workflows: Maximum number of custom workflows supported.
Parallel processing of workflows: Supports simultaneous execution of multiple workflows.
SLA tracking: Measures and reports service-level agreement adherence.
Workflow execution speed: Average time to execute a typical workflow.

Enterprise Risk Management Platforms features explained

for Risk & Compliance