RISKflo, a multi-stakeholder collaborative review, approval, monitoring, and reporting platform announced a renewal of a major International Bank contract – of 5 years (3+1+1). The bank confirmed its commitment to RISKflo as a best-in-class provider of third-party risk management (TPRM) solutions to the financial services industry.
The latest renewal will give RISKflo over 10 years of connection to this major financial service group. It has enabled RISKflo additional development and deployment of a world-leading platform which is a “no-code” highly flexible business solution. The major client intends to extend the usage of the RISKflo platform and apply SmartScripts™ to different business entities beyond banking, including but not limited to their insurance businesses. In support of this direction, RISKflo has moved to a user-pays pricing model and removed all previous contract-based technical and commercial constraints. This essentially extends to the client the unfettered ability to create ‘Super’ SmartScripts™ for any use case and will be managed by the client by their internal team.
Regulatory Compliance is one of the biggest issues facing Financial Institutions today. With over 200 regulators, financial institutions are faced with new regulations, on average, every 3 minutes.
Unfortunately, existing automation solutions are not built to facilitate the deployment of this sort of change to regulations and policy in a large complex financial institution. By comparison, RISKflo provides third-party risk and compliance solutions across 19 countries in the Asia Pacific. The RISKflo solution recently allowed the bank to complete remediation of third parties required by the regulator to be completed in 2-3 days compared to 3-6 months previously.