About the Client
Client approached us to develop a robust risk assessment platform to identify, quantify, and mitigate risks for banks and financial institutions, capable of assessing risks across multiple departments and rolling them up into an organization-level.
Client provided business requirements, mockups, and underlying risk assessment logic. However, the provided requirements needed strategic product thinking to bridge functionality gaps, align with market expectations, and ensuring the product should properly align with bank’s operational ecosystem.
Bridging Banking Risk Gaps: Implementing a Scalable and Centralized Risk Assessment Framework
Bridging Requirement Gaps
Product team analyzed the mockups, business rules, and formulas, identifying missing elements such as risks and control mapping, configurable parameters and masters, workflow approvals, and audit trails. Also, product team defined criteria to assess the risk on multiple factors. These were added to ensure practical usability in real-world banking environments.
Impact:
- Transformed raw requirements into a complete, executable product blueprint
- Reduced future rework by anticipating market needs early
Centralized Risk & Control Management
Designed a risk master and control master that capture, categorize, and link risks with their mitigating controls, with built-in version history.
Impact:
- Unified source of truth for all risk and control data
- Faster access, improved traceability and easy to manage.
- Implemented the version history to review the changes.
Advanced Risk Assessment Engine
Converted static formulas into a configurable scoring engine supporting risk assessment, and scenario-based simulations.
Impact:
- Consistent, bias-free assessments
- Proactive risk mitigation through dashboards.
Data Synchronization & Integration
Planned APIs to connect with other banking systems.
Impact:
- Eliminated duplicate data entry and redundancy
- Improved cross-system consistency
- Improved data accuracy with correct Flow of data from the source.
Dashboard & Analytics
Created a multi-level dashboard from organization to departments and to individuals for risk assessment.
Impact:
- Enhanced decision-making with visual insights
- Transparent tracking for leadership and regulators
Masters, Configuration, and Governance
Implemented master setup for risk categories, scoring parameters, role-based permissions with granular access control, and governance model assigning Risk Owners and Control Owners.
Impact:
- Faster onboarding for new clients
- Accountability for data quality
Technologies & Tools
Key Outcomes
Clear product blueprint from initial mockups and logic
Market-ready feature set designed for scalability
Configurable, integration-friendly architecture
Improved governance, accuracy, and automation potential
Conclusion
By transforming the product from mockups into a market-driven, configurable, and integration-ready product, the client now launches a comprehensive compliance risk assessment solution for banks and financial institutions. This evolution has improved accuracy, automation, and governance, positioning the product as a leading choice in the financial risk management space.
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