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Features in Operational Risk Management
for Risk Management
Platforms for identifying, assessing, and mitigating risks from inadequate processes, people, systems, or external events.
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.
Action Planning & Issue Remediation
Functionality to manage and track plans designed to remediate identified risk issues.
- Action Plan Registration
- Creation of distinct, trackable action plans tied to risks or findings.
- Automated Task Tracking
- Automatic monitoring and status updates of task completion.
- Automatic Escalation Rules
- Escalation to higher management based on custom criteria.
- Integration with Email
- Automated email notifications and reminders tied to action items.
- Number of Concurrent Action Plans
- Maximum active remediation plans supported.
- Overdue Action Alerts
- System notifications for overdue remediation actions.
- Progress Dashboard
- Visual dashboard for quick status and progress overview.
- Remediation Workflow
- Structured process for documenting, assigning, reviewing, and completing remediation tasks.
- Task Assignment
- Assignable remediation actions to users, with due dates and statuses.
Compliance & Regulatory Support
Ensures the product is aligned with current banking regulations and compliance requirements (e.g., Basel III/IV, SOX, GDPR).
- Audit Readiness Score
- Generates a score or readiness level for upcoming audits.
- Audit Trail for Compliance Activities
- Record all compliance-related actions for audit purposes.
- Automated Regulatory Filings
- Prepare and file required regulatory documentation automatically.
- Built-in Basel III/IV Templates
- Standardized templates for operational risk under Basel rules.
- Compliance Checklist Tools
- In-built checklist templates for key compliance requirements.
- E-Signature for Compliance
- Support digital signatures on compliance suites.
- GDPR/Privacy Controls
- Specific features to support data privacy laws (data restriction, deletion).
- Regulatory Update Alerts
- Notifies users of relevant changes in the regulatory landscape.
- Regulatory Workflow Automation
- Automate compliance-related workflows (e.g., attestation).
- SOX Control Mapping
- Map system controls and features to Sarbanes-Oxley sections.
Configuration & Customization
Flexibility to configure the system (forms, fields, workflows, rules) to match bank-specific operational risk processes.
- Conditional Logic in Forms
- Enable or disable fields based on user input.
- Configurable Data Fields
- Ability to add custom fields with validation rules.
- Configurable Workflows
- Define bespoke workflows per risk type or business unit.
- Custom Risk Metrics
- Create new risk indicators, metrics, and formulas.
- Customizable Forms & Templates
- Drag and drop or code-based form/template modifications.
- Localization Support
- Support for multiple languages, currencies, and regional settings.
- Number of Supported Languages
- Maximum number of user interface languages supported.
- User-defined Dashboards
- Users can create personalized dashboard layouts.
- White-label Branding
- Ability to brand the UI with bank logos, colors, and style.
Control Management
Facilitates identification, documentation, evaluation, and testing of internal controls meant to mitigate operational risk.
- Automated Alerts for Control Failures
- Immediate notification if a control test fails.
- Automated Control Testing
- Tools to test controls automatically and record results.
- Control Documentation & Versioning
- Maintain records and change versions of control documentation.
- Control Effectiveness Assessment
- Facilitates regular evaluation of control performance.
- Control Library
- Central repository for all operational controls setup in the system.
- Control Mapping to Risks
- Ability to link controls directly to risks they mitigate.
- Control Owner Assignment
- Assign responsibility for specific controls.
- Evidence Capture for Control Tests
- Upload or auto-link evidence for control testing results.
- Key Control Identification
- Flag critical controls essential to the risk framework.
- Test Scheduling & Reminders
- Automated scheduling and reminders for control testing.
Control Management & Testing
Features for tracking, evaluating, and monitoring operational controls.
- Automated Control Testing
- Integration or toolset for automated control validation (e.g., data-driven checks).
- Control Change Management
- Audit trail and workflow for changes to control definitions.
- Control Design Assessment
- Evaluation of control design versus implementation effectiveness.
- Control Effectiveness Assessment
- Built-in tools for periodic control testing and review.
- Control Library
- Centralized registry of controls with descriptions and owners.
- Control Owner Assignment
- Designation of responsible individuals or teams for each control.
- Control-Process Mapping
- Mapping controls to specific business processes or risks.
- Deficiency Tracking
- Workflow to log, manage, and resolve failed control tests.
- Number of Controls
- Maximum controls supported in the library.
- Test Scheduling & Reminders
- Automated scheduling and reminders for future control tests.
Data Integrity & Audit Trails
Features to ensure data entered into the system is accurate, traceable, and tamper-proof, supporting accountability and compliance.
- Automated Data Backups
- System automatically backs up critical data on a scheduled basis.
- Change Tracking Granularity
- Level of detail for every change (field, user, timestamp).
- Comprehensive Audit Logs
- Detailed records of all system activity, changes, and data edits.
- Data Reconciliation Tools
- Ability to compare and reconcile internal data with external or legacy sources.
- Data Validation Rules
- Automated checks that validate data input against set business rules.
- Digital Signatures
- Support for cryptographic signing of records or transactions.
- Historical Data Versioning
- Ability to retrieve and review previous versions of data records.
- Immutable Data Storage
- Ensures data cannot be modified once written, supporting regulatory requirements.
- Tamper Alerts
- Detection and notification of unauthorized data changes.
- Time-stamping of Transactions
- Record the exact times for all key user actions.
Incident Management & Loss Event Capture
Tools for capturing, tracking, analyzing, and managing operational risk incidents and losses.
- Data Quality Checks
- Automated validation rules for ensuring incident data completeness.
- Drag-and-Drop Attachments
- Support for adding documents, images, or other files to incidents.
- Incident Capture Interface
- Intuitive interface for employees to report risk events or incidents.
- Incident Categorization
- Customizable categories and subcategories for classifying incidents.
- Incident Notification Rules
- Customizable automated notifications to stakeholders.
- Incident Severity Scoring
- Automated or manual assignment of incident severity levels.
- Incident Workflow Automation
- Configurable workflows for investigation, review, and closure.
- Loss Data Collection
- Capability to record actual and potential financial losses and recoveries.
- Regulatory Reporting Interface
- Direct output or uploads for regulatory bodies (e.g., Basel loss database).
- Root Cause Analysis Toolkit
- Tools to facilitate deep-dive analysis of incident causes.
- Time to Resolution Tracking
- Measured time from incident capture to closure.
Integration & Interoperability
Features to ensure the risk system connects and shares data securely with other critical banking, HR, and IT systems.
- API Access
- Secure REST or SOAP APIs for data ingestion and extraction.
- Custom ETL Tools
- Extract, transform, and load tools specifically for operational risk use-cases.
- Data Enrichment from External Sources
- Augment risk data automatically with additional context from external systems.
- Data Import/Export Scheduler
- Automate periodic data imports and exports.
- ERP/Core Banking System Integration
- Seamless transfer of data to/from main banking operational platforms.
- External Audit Tool Compatibility
- Direct interface for external auditors to pull necessary reports.
- Identity Provider Integration
- Works with enterprise identity and access management systems.
- Single Sign-On (SSO) Support
- Allows consistent logins across platforms with centralized security.
- Third-party Risk Data Integration
- Incorporate risk data feeds from external vendors.
- Webhooks for Notifications
- Push system alerts and events to other applications instantly.
Integration & Interoperability
Features supporting system integration, interoperability, and data exchange across the organization’s ecosystem.
- API Access (REST/SOAP)
- Secure, documented APIs for data exchange.
- Custom Field Mapping
- Flexible mapping for custom data fields in integrations.
- Data Import/Export Tools
- Bulk import/export tools for connecting with legacy systems.
- Flat File Uploads
- Support for uploading flat files in structured formats (e.g., CSV, XML).
- Integration Throughput
- Number of integration transactions per second supported.
- On-premises/Cloud Data Sync
- Works with both cloud and on-premises systems for data exchange.
- Pre-built Integrations
- Out-of-the-box connectors to common banking, HR, or GRC systems.
- Real-time Data Sync
- Support for on-the-fly synchronization with core banking or data warehouses.
Regulatory Compliance Management
Support compliance with global and regional operational risk regulations and frameworks.
- Audit Trail Maintenance
- Immutable, timestamped logs of all compliance-related actions.
- Automated Policy Distribution
- Distribution and acknowledgment workflows for updated policies.
- Compliance Calendar
- Scheduling and reminders for key compliance activities.
- Compliance Status Dashboard
- Visual overview of current compliance status.
- Document Repository
- Centralized compliance document storage with version control.
- Evidence Collection Tools
- Facilitates efficient attachment/upload of compliance evidence.
- Pre-configured Compliance Templates
- Standard templates for common regulatory directives (e.g., Basel, SOX, GDPR, DORA).
- Remediation Tracking
- Track issues identified during regulatory reviews and audits.
Reporting & Analytics
Powerful reporting engines to offer insights into the operational risk landscape, and support regulatory and internal reporting.
- Ad-hoc Report Builder
- Users can create customized reports using system data.
- Dashboard Visualization
- Visual dashboards providing at-a-glance status of key metrics.
- Data Retention Controls
- Configure how long historical reports and data are kept.
- Drill-down Analytics
- Click-through for detailed breakdowns of aggregate figures.
- Export to Excel/PDF/CSV
- Ability to export reports in multiple standard formats.
- Interactive Visualizations
- Users can manipulate charts and visuals to slice and dice data.
- Real-time Data Refresh
- Reports draw from live system data with fast refresh rates.
- Scheduled Reports
- Automate regular report delivery to users and stakeholders.
- Standard Regulatory Reports
- Pre-built templates for required compliance and regulatory reports.
- Trend Analysis
- Identify risk trends over time, including seasonality.
Reporting & Analytics
Robust analytics suite and flexible reporting tools for regulatory, management, and board reporting.
- Ad Hoc Query Capability
- Support for user-defined, on-the-fly data queries.
- Automated Risk Metric Calculation
- Built-in formulas and scripts for common operational risk metrics.
- Custom Report Builder
- Drag-and-drop or code-based custom report creation.
- Drill-down Analytics
- Ability to drill down from summary views to detailed records.
- Export Formats
- Supported formats for exports (e.g., PDF, Excel, XML, CSV).
- Interactive Dashboards
- Customizable, real-time dashboards with graphical visualizations.
- KRI/KPI Dashboards
- Key Risk and Key Performance Indicator dashboards.
- Number of Concurrent Report Users
- Maximum users who can simultaneously generate reports.
- Pre-built Regulatory Reports
- Templates and workflows for common risk management regulatory reports (e.g., Basel II/III, SOX).
- Predictive Analytics
- Advanced analytics for risk scoring and scenario forecasting.
- Scheduled Report Delivery
- Automated generation and delivery of reports per predefined schedules.
Risk & Incident Reporting
Functionality enables the timely identification, categorization, and escalation of operational risk events and near misses.
- Anonymous Reporting Capability
- Users can report incidents without disclosing their identity.
- Attachment & Evidence Uploads
- Allows supporting files to be attached to incident records.
- Automated Escalation
- System can route incidents to the appropriate level of management based on severity.
- Customizable Incident Taxonomy
- Ability to define and adjust categories for risk events.
- Event Timeline Visualization
- Timeline view of incident events and steps taken.
- Incident Severity Scoring
- Grading system to quickly assess and prioritize incidents.
- Incident Status Tracking
- Monitor progress of incidents from reporting to resolution.
- Management Commenting & Collaboration
- Enables managers to comment and collaborate on incident investigations.
- Real-time Incident Reporting
- Allows users to report incidents as soon as they occur.
- Root Cause Analysis Tools
- Built-in methods to help determine why an incident occurred.
Risk Assessment & Evaluation
Tools for periodic assessment of operational risks including risk identification, scoring, and management.
- Automated Risk Scoring
- Automatically updates risk scores based on input data and thresholds.
- Bulk Risk Assessment Uploads
- Import risk assessments in bulk from external files.
- Customizable Risk Scoring Matrix
- Ability to define framework for likelihood and impact scoring.
- Key Risk Indicator (KRI) Tracking
- Monitor and track key operational risk indicators.
- Mitigation Action Tracking
- Track progress of action plans to address operational risks.
- Periodic Review Scheduling
- Schedule and track completion of risk reviews.
- Residual Risk Calculation
- System calculates risk after controls are applied.
- Risk Appetite Setting
- Configure thresholds for acceptable risk across categories.
- Risk Heat Maps
- Visual representation of risk likelihood versus impact.
- Risk Register Management
- Centralized registry for all identified operational risks.
Risk Identification & Assessment
Features to identify, record, assess, score, and classify operational risks.
- Automated Risk Alerts
- System alerts for newly logged or updated risks based on defined criteria.
- Bulk Risk Import
- Ability to import risk data from external sources (e.g., CSV, Excel).
- Historical Risk Database
- Archive of resolved, closed, or past risks for analytics.
- Inherent & Residual Risk Calculation
- Ability to calculate and compare inherent and residual risk levels.
- Number of Risk Attributes
- Maximum customizable fields for risk attributes.
- Risk Assessment Frequency
- Frequency with which risks can be periodically re-assessed.
- Risk Mapping
- Visual mapping of risks to processes, departments, products, etc.
- Risk Register
- Centralized repository for all identified risks.
- Risk Scoring Model
- Built-in quantitative and qualitative risk scoring/calculation.
- Risk Taxonomy Customization
- Configurable categories/types of operational risk.
- Scenario Analysis Capability
- Supports what-if and scenario analysis for risk events.
Risk Notification & Escalation
Tools for ensuring timely alerts, notifications, and escalation of operational risk-related events to the right people.
- Custom Escalation Matrix
- Configurable rules for whom to notify and escalate at each risk threshold.
- Customizable Alert Templates
- Define alert content and appearance for various risk types.
- Email & SMS Alerts
- Critical risk events can generate email/SMS alerts based on severity.
- Escalation Tracking Log
- Historical logs indicate all escalations made and handled.
- Executive Dashboard Alerts
- High-severity risks appear prominently on executive dashboards.
- Integration with Incident Management
- Seamless transition from alert to incident management workflow.
- Mobile Push Notifications
- Send alerts to mobile devices of key personnel.
- Prioritized Alerting
- Alert urgency and delivery methods adjust by risk classification.
- Real-time System Notifications
- Instant, in-system notifications for key risk events.
- Redundancy Controls for Alerts
- Backup methods to ensure critical alerts are never missed.
Scalability, Performance & Support
Ensures the product can handle large volumes of data and users with high reliability; includes support services.
- Concurrent User Capacity
- Number of users who can actively use the system at once.
- Data Retention Policy Support
- Configurable support for long-term data retention based on bank requirements.
- Dedicated Customer Support Team
- Direct access to support engineers familiar with operational risk and banking.
- Disaster Recovery (DR) Capability
- Automated data backup and disaster recovery procedures.
- Incident Response SLA
- Maximum guaranteed time for support incident response.
- Mobile-responsive UI
- System accessibility from smartphones and tablets.
- Performance Monitoring Tools
- Built-in dashboards for tracking system health, latency, and capacity.
- Release Management
- Structured process for regular software updates and hotfixes.
- System Uptime Commitment
- Guaranteed percentage of uptime (availability) per year.
- Training Material Availability
- Availability of online or in-person user training resources.
Security & Reliability
Core technical features to ensure data is secure, system is reliable, and business continuity is maintained.
- Access Logging & Monitoring
- All access and actions are logged and monitored for anomalies.
- Average Recovery Time Objective (RTO)
- The typical time needed to restore system functionality after a disruption.
- Cybersecurity Incident Monitoring
- Real-time alerts and logs for suspicious activity.
- Disaster Recovery Planning
- Disaster recovery processes are defined, tested, and supported.
- Full Data Encryption
- Data is encrypted at rest and in transit.
- High Availability Architecture
- System design allows for minimal downtime and quick recovery.
- Penetration Testing Support
- Platform allows for or supports regular pen testing.
- Redundancy & Failover Mechanisms
- Systems in place to handle hardware or network failure automatically.
- Service Level Uptime
- Percentage of time the system is guaranteed to be available.
- Vulnerability Scanning
- Automatic scanning for security vulnerabilities.
User Access Controls
Mechanisms for managing, monitoring, and restricting access to sensitive data and functions. Essential for limiting operational risk from unauthorized actions.
- Access Request Workflow Automation
- Automates the process for users to request and obtain access based on workflows.
- Audit Trails on Access Changes
- Automatic logs of all changes made to user permissions and access rights.
- Failed Login Attempt Monitoring
- Records and alerts on multiple failed login attempts.
- Granular Permission Levels
- Ability to define very specific access rights at module, data, or transaction level.
- Multi-factor Authentication
- Requires multiple forms of verification before access is granted to the system.
- Real-time Access Revocation
- Ability to revoke user access instantly.
- Role-based Access Control
- Allocation of access permissions based on the user's role in the organization.
- Session Timeout Controls
- Automatic logoff users after a period of inactivity.
- Single Sign-On (SSO) Integration
- Enables users to access multiple applications with one set of credentials securely.
- User Access Review & Certification
- Periodic verification and re-certification of users’ access rights.
User Access and Security
Ensure secure, role-based access to the system and data, protecting sensitive financial and operational information.
- Audit Logging
- Comprehensive logs of all user actions and system changes.
- Change Management Workflow
- Structured workflow for reviewing and approving permission changes.
- Data Encryption at Rest
- All data is encrypted while stored.
- Data Encryption in Transit
- All transmitted data is encrypted.
- IP Whitelisting/Blacklisting
- Restriction or permission of access from specific IP addresses.
- Multi-factor Authentication
- Optional requirement for multi-factor user authentication.
- Number of User Profiles
- Maximum supported user accounts concurrently active.
- Password Policy Enforcement
- Customizable password strength and rotation policies.
- Role-based Access Control
- Ability to assign granular permissions to specific user roles (e.g., analyst, manager, auditor).
- Security Certification
- Holds industry security certifications (e.g., ISO 27001, SOC 2).
- Single Sign-On (SSO)
- Supports single sign-on with popular identity providers.
- User Session Timeout
- Automatic logoff after a set period of inactivity.
Workflow & Automation
Automate the risk management lifecycle, enforcing processes and improving efficiency.
- Approval Hierarchies
- Multi-level, role-based approval flows for key actions.
- Automated Notifications
- Email, SMS, or in-app notifications based on user-defined criteria.
- Custom Workflow Designer
- Graphical or code-based tool to create and update workflows.
- Escalation Rules
- Escalation paths and levels for unresolved issues.
- Event-driven Automation
- Triggers based on events (e.g., risk submission, incident closure) for automation.
- Integration APIs
- APIs for integration with HR, compliance, core banking, and third-party tools.
- Integration with Ticketing Tools
- Ability to send/receive tasks to systems like JIRA/ServiceNow.
- Number of Automated Workflows
- Maximum distinct automation workflows configured.
- Re-assignment Capabilities
- Easily reassign tasks or issues based on workload.
Workflow & Task Automation
Automate common processes and tasks in the operational risk management lifecycle to improve efficiency and consistency.
- Approval Workflow Customization
- Define multi-step approvals for key risk processes.
- Automated Escalation Paths
- Escalate overdue or critical tasks as per preset rules.
- Automated Notifications
- Automatic email, SMS, or in-application alerts for tasks and deadlines.
- Bulk Task Management
- Ability to manage and update tasks in bulk.
- Calendar Integration
- Seamless integration with corporate calendars for scheduling reviews, tasks, or meetings.
- Rule-driven Workflow Engine
- Automated routing/regulation of processes based on defined business rules.
- SLA Enforcement Mechanisms
- Monitor and enforce Service Level Agreements on process tasks.
- Task Assignment Automation
- Assign tasks to relevant parties based on workflow configuration.
- Task Completion Tracking
- Comprehensive tracking of task status and completions.
- Template-based Task Creation
- Create and deploy recurring tasks from templates.