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