Nov22526 FinTech Awards 2023 Wealth & Finance Best Risk & Compliance Management Software Solutions 2023 1st Risk Solutions’ (1RS) founders met whilst working together at HSBC bank, and realised they shared a desire to find solutions suitable for managing risk. Ultimately, they decided that the best course of action would be to develop their own, and thus the groundbreaking Enterprise Risk & Compliance Solution ERIC was born. 1RS began by working with clients to find out more about their needs and ensure its incorporation of core functionality would therefore meet all key requirements. Its clients are a mix of investment and asset management firms, insurance providers, and banks. The focus for 1RS is to offer software solutions that enable clients to concentrate on managing the risk and compliance in their businesses. ERIC is the company’s solution, with technology used that is under constant review. This allows 1RS the capacity to respond efficiently to development needs, and to quickly enhance and adapt its flagship product appropriately. It is thrilled to be able to offer such a solution within the FinTech space, and to be able to keep itself at the forefront of industry developments with its cutting-edge technology. “1RS has been built and developed by risk and compliance experts. We understand the need for an integrated and flexible GRC (Governance, Risk & Compliance) Solution, that can meet any organisations operational risk and compliance framework. Our technology enables you to manage the continually evolving regulatory landscape. ” The technology team at 1RS comprises of a diverse group with a healthy mix of skills and know-how. This means that there are always plenty of new ideas being formulated across the team, and within the company’s broader network. 1RS believes in partnering with its clients on an equal footing. It is eager to know exactly what their focus consists of, so it can further develop solutions to seamlessly fit in with their needs. The dedicated team at 1RS requests feedback and implements client suggestions wherever it can, strongly believing that the best source of information when it comes to user improvements absolutely comes from the users themselves. When it comes to training, 1RS wholeheartedly believes that people learn in myriad different ways. That is why it provides information in short guide form, but also conducts personalised training sessions either online or face to face. It knows the power of a quick meeting in conveying the information in a way that is efficient and easy to grasp. Likewise, regular contact with its clients is an important way of ensuring that it keeps on top of any queries or requests. It recognises the value that’s to be found in regular and responsive communication. Key features available in ERIC include a capacity to detail risks, and link straight to the controls in place to mitigate those risks. It can also enable scheduling of risk and control self-assessments, and control testing to continually monitor the level of effectiveness. ERIC enables the ability to map FCA regulations to risks and controls, logs issues, risk events and audit findings, and manages action plans needed to resolve any issues and/or risk events. The system can also be used to manage policy attestations, request approvals for multiple activity types (including PAD, G&E), and to download a risk register report. ERIC is capable of extracting multiple reports across all the different modules. Such assistance maintains and keeps available a broad range of functions to adequately fulfil customers’ needs. “The modules in ERIC are interlinked, to enable you to easily view the connections. If a Control is performing badly, the details of any issues raised, and Jul23591 1st Risk Solutions is a company that was founded in 2016 by a team of Risk & Compliance professionals. It offers pragmatic and effective solutions to enterprise risk management and regulatory requirements with resources that support implementations, augment companies existing risk and compliance, and provide incredible ongoing advice and support for clients.
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