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This month has seen KRM22 unveil a major upgrade to the Risk Cockpit, KRM22’s Integrated Risk Management (IRM) solution. Our product provides risk, operations, and technology professionals with unique abilities to “slice ‘n’ dice” their risk data, generate previously difficult to identify trends and insights while packaging those insights into “board-ready” management information packs.
With the rapid implementation of COVID lockdowns, stay-at-home orders, increased market volatility (and strong profitability counter to the last 10-year trend), the amount of risk issues capital markets firms must digest has increased substantially.
Keeping up with the pace of change and improving the speed with which risk information flows between teams continues to be a major challenge. Virtual meetings can be devoid of the non-verbal communication that can help paint a holistic picture of what is being conveyed and what response may be needed. Teams have had to rapidly adapt to these challenges and have been prioritizing getting the “day job” done, often shelving ‘non-core’ responsibilities such as continuous improvement. We have seen risk management improvements become temporarily paused or dealt with as quickly as possible through this pandemic.
This is directly opposed to our customers that use the Risk Cockpit, where it became quite clear that the visibility and transparency provided to Chief Risk Officers, those in Operations and Technology, and in some cases, to external market participants, had been extremely powerful in navigating these challenges.
We also identified three pain points that the Risk Cockpit could address more elegantly, particularly in a rapidly changing and highly uncertain environment where accurate, timely and insightful risk information is at a premium. Customers wanted the ability to dynamically drill-down and drill-across within the Risk Cockpit as they sought to understand the ‘360 view’ of risk that the solution provided. They also wanted greater ability to ‘slice ‘n’ dice’ their risk data to generate additional risk insights and quickly answer an array of risk questions from a wide range of stakeholders. Finally, a few key customers reported the number of productive hours lost as they battled with Excel, PowerPoint, and Word to prepare management reports, whose frequency, level of detail and urgency increased over the previous two years.
These insights led us to confirm and accelerate our development roadmap for this product. The result of which was a major effort over the last few months focusing on significant changes to the core of the Risk Cockpit.
February has seen the release of a series of significant upgrades to the Risk Cockpit including major work in three core areas:
1. The back-end data layer and data access have been enhanced to provide non-technical end-users with greater ability to slice and dice their risk data as they seek additional risk insights or answers to questions they cannot address through standard dashboards and reports. In addition to improving the data structure to meet more analytical needs, we have also improved access via an enhanced API.
2. The user interface and user experience has been redefined to bring greater attention to the 360-degree view of items within the Risk Framework and enable users to dynamically explore all relationships within the risk framework with powerful, visual drill-down and drill-across capabilities.
3. Dashboarding capabilities have been enriched to include a wide range of new widget types, additional options for organizing widgets on a page, and improved layout responsiveness to accommodate the variety of screen sizes and devices used to access the Risk Cockpit. Dashboards have also seen the introduction of multiple-page layouts and printing to support ‘real-time’ production of management reporting packs which can be viewed on-screen, in pdf, in PowerPoint, and in a wide range of other office tools.
You can find a complete list of new or upgraded features here.