RegTech - Risk Assessment Framework

The current risk assessment process at most banks is extremely manual. In most cases, Access Database or Excel tools are utilized today to calculate the risk assessment, which requires a large data volume to be manually input and stored. The manual nature of the process opens it up to the following issues -

1. Heavy Lead times, leading to inefficiencies and incorrectness
2. Lack of governance, auditability and transparency
3. Prone to human errors

Solutions are not scalable, and lack of automation put institutions at a competitive disadvantage for regulatory compliance.

Apexon’s Risk Assessment framework aims to modernize the risk assessment process by providing a highly scalable, highly configurable platform leveraging AWS cloud-native services to drive key risk assessment processes and reduce or eliminate manual human intervention in the process. The framework can also be extended for additional control evaluations at the bank, with minor enhancements.

Key Capabilities

Customizable and Proprietary: The framework will be proprietary to the bank, where the rules can be authored by the RA stakeholders, allowing the business to fully control and incorporate any methodological changes that arise from regulatory needs.

Integrated Data Governance: Data Governance, Data Quality, and auditability will be fully integrated into the process using AWS services like S3, Glue, Glue Data Catalog, Glue DataBrew, Athena, Macie, Audit Manager

Scalability and Configurability: The framework will provide a highly scalable and highly configurable platform leveraging the AWS infrastructure to the business to effectively manage key risk assessment processes.

User Friendly Interface: Enhance productivity and reduces errors.

Advanced Analytics and Reporting: The framework will offer advanced analytics and reporting capabilities leveraging AWS Kinesis Data Streams in conjunction with Kinesis Data Analytics enabling real-time insights into risk assessment processes. It will provide customizable dashboards, detailed reports, and data visualizations using AWS QuickSight to help stakeholders monitor risk metrics, track performance

Proactive Risk Management: Advanced analytics and AI-driven insights will enable decision-makers to take proactive steps in mitigating risks and aligning with regulatory requirements.

ROI :

The end-to-end automation of risk assessment process allows cost savings, streamlines compliance, and eliminates people dependencie