Undertaking risk system selections can often be a time consuming process for financial institutions. Understanding the risk technology landscape of market vendors, the strengths and weaknesses of each particular vendor and the costs involved in implementation and ongoing support can often be a complex and confusing task.
Systems selection processes may be undertaken as part of a wider Solution Definition exercise, which is a key step under the InteDelta Delivery Lifecycle, or as a standalone Request for Information (RFI)/Request for Proposal (RFP) process.
The InteDelta System Select suite of tools has been developed to enable our clients to identify the most appropriate risk management systems in optimal timeframes. These comprise of a pre-configured set of tools which we use to score risk and collateral systems.
The diagram below shows the primary components of our System Select tools.
These can also be easily extended to incorporate a client’s particular requirements.
The vendor justification step in the process provides a summary of the selection and scoring process which can then be used for management approval and/or communication of the basis for the selection decision.
For many areas, we have pre-existing vendor scores based upon our long-standing industry experience of running risk management system selections. These can be used as a basis for building out and validating the scoring process for individual clients.