Operational Risk Management Software features explained
for Risk Management
Systems that identify, monitor, and mitigate risks related to internal processes, people, and systems, including incident tracking, control testing, and key risk indicator monitoring specific to pension operations.
Every feature we track for Operational Risk Management Software products, with a description of what each one means.
Access Control & Security
Strong security, privacy, and access management to protect sensitive pension risk and incident data.
- Audit Logging
- Complete and immutable logs of system and user actions.
- Data Encryption At Rest
- All stored data is encrypted.
- Data Encryption In Transit
- Data transmissions are encrypted end-to-end.
- Data Masking
- Sensitive fields are masked from unauthorized users.
- GDPR/Privacy Compliance Features
- Enables privacy rights requests, consent tracking, and data portability.
- IP Whitelisting
- Restrict access to specific IP address ranges.
- Multi-factor Authentication (MFA)
- Requires an additional verification step for logins.
- Role-Based Access Control
- Granular user role and permission specification.
- Single Sign-On (SSO)
- Supports enterprise authentication (e.g., SAML, OAuth2).
- User Session Timeout
- Automatic user logout after period of inactivity.
Audit, Compliance & Regulatory Support
Supports ongoing audit trails, compliance checks, and reporting for pension fund mandates and standards.
- Attestation Workflow
- Facilitates routine sign-off by control/process owners.
- Audit Evidence Repository
- Centralized location for storing audit documentation.
- Audit Scheduling
- Calendar-based planning for audits and reviews.
- Automated Compliance Alerts
- Automatic notifications of non-compliance or overdue certifications.
- Custom Compliance Checklists
- User-defined checklists for regulatory or procedural checks.
- Findings Management
- Tracking, remediation, and reporting on audit findings.
- Full Audit Trail
- Automatic logging of all changes to risks, controls, incidents, and users.
- Number of Audit Logs Retained
- How many audit trail entries are retained per record.
- On-demand Audit Reports
- Generate audit-ready documentation instantly.
- Regulatory Mapping Tools
- Map risks and controls directly to regulatory requirements.
Configurability & Usability
Degree of out-of-the-box configurability and user-friendliness for pension risk practitioners.
- Accessibility Compliance
- Meets standards (e.g., WCAG) for disability access.
- Bulk Data Edit
- Edit multiple records at once via bulk actions.
- Configurable User Dashboards
- Users can personalize home screens with relevant widgets.
- Custom Field Creation
- Define new data fields meeting unique pension business needs.
- Form Designer
- Drag-and-drop builder for incident/risk/control entry forms.
- Localization (Language & Currency)
- Supports multiple languages and currencies used by pension funds.
- Mobile Access
- Native or web-optimized apps for incident and risk management on-the-go.
- Search & Filter Tools
- Advanced search and filter options across all data modules.
- System Navigation Speed
- Average time for page-to-page navigation.
- User Training Documentation
- Comprehensive help guides and onboarding materials included.
Control Management & Testing
Features to define, implement, monitor, and regularly test controls over pension administration processes.
- Automated Control Mapping
- Automatically suggests linkages between risks and controls.
- Automated Test Reminders
- Alerts and reminders for upcoming or overdue control tests.
- Control Design & Operating Effectiveness
- Separate documentation and evaluation of design and operating effectiveness.
- Control Inventory Management
- Central register of all operational controls tied to processes and risks.
- Control Testing Campaigns
- Schedule and manage periodic and ad hoc control effectiveness tests.
- Control Weakness Management
- Logging and remediation workflows for failed control tests.
- Number of Controls Supported
- Maximum controls the system can handle.
- Sampling Methods for Testing
- Enables random or systematic sample selection for control testing.
- Segregation of Duties Detection
- Identifies potential conflicts in user duties within controls.
- Test Evidence Attachment
- Upload evidence files for each control test conducted.
Incident & Event Management
Functions for recording, tracking, investigating, and resolving operational loss events, near-misses, and incidents impacting pension administration.
- Attachment Upload
- Upload supporting documents or evidence to incidents.
- Automated Incident Notification
- Automatic notifications to relevant personnel upon incident recording.
- Corrective Action Tracking
- Assign, monitor, and follow up on remediation actions.
- Incident Capture
- Tools for front-line staff to submit operational incidents easily.
- Incident Categorization
- Customizable fields to classify incident types, sources, and impacts.
- Incident Resolution Time
- Average time taken to resolve an incident.
- Loss Data Repository
- Centralized database for historical operational loss data.
- Near-Miss Logging
- Ability to log and analyze near-miss events.
- Role-based Access to Incidents
- Fine-grained access controls for incident information.
- Root Cause Analysis Support
- Template-driven process for investigating and assigning incident causes.
Integration & Data Exchange
Seamless exchange of data with pension administration, HR, investment management, and other enterprise systems.
- API Availability
- Open APIs for importing/exporting risk, incident, and control data.
- Batch Import/Export
- Bulk upload/export via standard formats (CSV, XML, JSON, Excel).
- Custom Field Mapping
- User-defined field mapping for data transfer.
- Data Validation Rules
- Customizable validation checks for inbound data.
- Flat File Transfer Scheduling
- Automated batch file exchange by schedule.
- Integration Latency
- Average delay between event and data availability in system.
- Number of Integration Endpoints Supported
- Maximum number of simultaneous third-party endpoints.
- Pre-built Integrations
- Ready-made connectors for common pension or ERP platforms.
- Real-Time Data Sync
- Bi-directional updates with other systems in near real-time.
- Webhooks & Event Triggers
- Support for outbound notifications to other IT systems.
Key Risk Indicator (KRI) Monitoring
Track and analyze key operational risk indicators specific to pension fund activities and thresholds for alerts.
- Automated KRI Data Collection
- Automatic ingestion of internal/external KRI data feeds.
- Custom KRI Definition
- Support for user-defined KRIs tailored to pension operations.
- Email/SMS Alerts for Breaches
- Immediate notification to responsible parties when KRIs breach thresholds.
- Historical KRI Trend Analysis
- Visualization and analysis of trends in KRI values over time.
- Integration with External Systems
- Ability to collect KRI data from third-party tools (e.g., HR, ITSM systems).
- KRI Calculation Frequency
- The minimum interval at which KRIs can be updated/calculated.
- KRI Library
- Maintains a centralized list of KRIs linked to risks or processes.
- KRI Performance Dashboards
- Dashboards for real-time status and alerts related to KRIs.
- Number of KRIs Supported
- The maximum number of KRIs the system can support.
- Thresholds and Escalation Rules
- Configurable threshold levels and escalation triggers when exceeded.
Reporting & Analytics
Comprehensive tools for risk, incident, and control reporting, board-ready dashboards, and regulatory compliance outputs.
- Ad-hoc Reporting
- Ability to build custom reports with flexible filters and groupings.
- Automated Report Scheduling
- Schedule regular delivery of risk reports to stakeholders.
- Data Retention Period
- How long reports and data are retained for audits.
- Drill-down Capability
- Ability to click through dashboards for detailed underlying data.
- Export to PDF/Excel/CSV
- Exports reports in standard business formats.
- Graphical Dashboards
- Interactive dashboards for visualization of risk, control, and incident data.
- Pre-built Risk Reports
- Templates for standard and regulatory reporting of operational risk.
- Real-Time Analytics
- Near real-time updates of dashboards and reports.
- Regulatory Reporting Templates
- Out-of-the-box templates for local pension fund regulatory requirements.
- Role-based Report Access
- Access controls for sensitive reports or dashboards.
Risk Identification & Assessment
Capabilities that identify and assess risks arising from internal processes, people, and systems within pension fund management.
- Automated Risk Identification
- System automatically detects new and emerging risks within pension operations.
- Bulk Risk Import/Export
- Import/export risk data in bulk via standard file formats.
- Heatmap Visualization
- Graphical heatmaps for risk assessment results.
- Inherent vs. Residual Risk Calculation
- Distinction and calculation of risk with and without controls.
- Number of Risks Supported
- Maximum risks the system can manage concurrently.
- Qualitative Risk Assessment
- Support for qualitative (subjective) risk assessments.
- Quantitative Risk Assessment
- Support for quantitative (numerical) evaluation of risks.
- Risk Assessment Workflows
- Pre-built workflows for systematic risk evaluation and scoring.
- Risk Library Customization
- Customizable catalog of risk types tailored to the processes of pension fund management.
- Risk Scoring Customization
- Ability to define custom risk scoring and weighting rules.
Workflow & Task Automation
Automation of operational risk workflows, reminders, approvals, and task assignments for efficient pension risk management.
- Approval Routing
- Flexible approval chains for risk actions and exceptions.
- Automated Task Assignment
- Automatically assigns and notifies responsible staff for tasks.
- Calendar Integration
- Sync with corporate calendars for reminders and deadlines.
- Commenting & Collaboration
- Internal notes, comments, and tagging for improved collaboration.
- Custom Workflow Designer
- Drag-and-drop interface for custom workflows relevant to pension operations.
- Escalation Matrix
- Rule-based escalation of overdue or critical tasks.
- Pre-built Pension Workflows
- Library of sample risk management workflows tailored to pension funds.
- User Notification Preferences
- Customizable notification methods per user or group.
- Workflow Audit Trails
- Complete log of workflow activities and task handovers.
- Workflow Runtime Performance
- Average time to execute automated workflow steps.