RiskSpotlight is a web portal for banks and financial services on subscription basis. It provides Risk related news, surveys, reports of the world for specific risk categories as identified by ISO 31000, BASEL and RiskSpotlight framework.
The resources on the portal are for two primary purposes:
- Identify resources for organizations to learn gaps within the framework
- Identify existing vulnerabilities to different types of operational risks
Currently the risks are confined to financial services industry including Banking and Insurance. The news articles, reports and survey are part of the offering.
Phase 1 is currently operational and hosted on Synaptein Solutions cloud space and can be accessed at www.riskspotlightportal.com
The Portal also comes with an extended version which provides access to an extensive OpRisk library which includes Risks, Controls, KRI’s, Causes, Financial Impacts, Reputational Impacts, Business Impacts and Risk Monitoring.
Under Riskspotlight portal offering there are 2 major features being developed that would provide client specific customized reports and the self-service dashboard reporting. We have engaged an advisory board that rolls out quarterly enhancement reports as part of customer engagement initiative. The current advisory board members are :
- London Stock Exchange
- The World Bank
- IndusInd Bank
- Kuwait Finance House
The phase 2 of the product provides stakeholder management functionality which allows users to create stakeholder management business processes. The phase 3 or the final phase would be to roll out a fully integrated and functional Risk Management software which would allow the users to use “Out-of-the-box” or custom risks and develop controls to mitigate those risks. The end goal would be to provide companies with an end to end solution to identify and mitigate enterprise risks based on any perceived exposure or vulnerability to that risk. The software will also provide a dashboard that will help Enterprise Risk Management teams, department heads and Senior Management to manage and monitor controls implemented against all the risks identified by the Risk Management team(s).