at Financial Technnology Year
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Features in Enterprise Risk Management Platforms
for Risk Management
Comprehensive solutions that provide a holistic view of organizational risks, enabling identification, assessment, mitigation, and reporting of risks across the enterprise.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
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.