We’re really excited today to be announcing a first-of-its-kind partnership between AYLIEN and the Innovation Data Platform (iDP) by ORX, the largest operational risk management association in the financial services sector. Our Risk Signals solution (available in Radar) has been selected as one of the first two services to go live in the innovative procurement marketplace.
So what is iDP?
iDP is an innovative platform that connects financial institutions and risk tech vendors, making risk management faster, cheaper, and more accessible.
The risk landscape today is more complex than ever before which greatly increases the need for financial institutions to leverage the latest technology and innovation, to stay ahead of the curve. But the barriers to doing so are high. Long procurement processes, non-standard data structures, and increasingly complex security requirements can greatly impede financial institutions’ appetite and ability to innovate.
Working with the latest technology is now possible.
iDP is a trusted data marketplace that brings a number of core benefits to risk teams looking to expand their risk management capabilities using the latest technology and data.
- Speed and relevance: Risk professionals can access vetted and trusted innovative RiskTech providers directly via the platform
- Simplified procurement: Potential buyers benefit from simplified trialing and purchasing processes
- Trust and Security: Besides being created by ORX, the largest operational risk management association in the financial services sector, iDP is built on AWS, which makes it a secure and reliable platform.
What challenges does iDP solve for risk professionals?
There are tons of solutions out there aimed at risk functions in financial services. Point solutions for specific teams and tasks, GRC systems that do it all, managed services and outsourced providers. Choosing the right solution for the job is extremely challenging.
Sourcing challenges can dampen innovation, slow projects and initiatives down, and more concerningly, stop them entirely.
For risk professionals, a central marketplace of tried and tested specialist providers is a game changer. As the risk processes in financial services become more digitized, data-centric, and strategic, getting easy access to innovative technology providers, such as AYLIEN, means risk teams can move quickly and keep up with the constant rate of change.
How will Risk Signals in iDP benefit Financial Institutions?
Through iDP we will provide a proactive risk monitoring solution for analysts and data teams. Risk Signals will empower risk teams with the data and insights needed to identify, assess and act on critical business risks at scale.
Risk management teams, using Risk Signals, will be able to streamline what have traditionally been labor intensive and manual monitoring processes, and free up their analysts for more high-value work. In some cases, we’ve seen our customers identify 10 times more potential risks while reducing their identification and investigation time by 95%.
The ultimate benefit is pretty clear and it’s directly related to reducing losses and regulatory fines that stem from ineffective and inefficient processes in operational risk monitoring.
To find out more about the partnership between AYLIEN and iDP by ORX, and to test Risk Signals for yourself, get in touch with us here.
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