Risk Management Platform
A risk management platform is software that evaluates and manages risks alongside compliance. The risk platform is an integrated system. It helps to visualize risks based on their business meaning. Risk platforms let dealing with various risk management aspects.
As modern companies face a large number of external (and internal) risks, such platforms help to systemize and analyze data, to prevent threats. The use of a risk management platform is typical for different business types. Nevertheless, banks and non-bank financial institutions widely use this software. Besides, international companies can benefit from this SaaS as they deal with quite a number of third-parties.
Also, the risk management platform has to deal with due diligence. It helps to execute due diligence effectively, to meet the regulatory requirements.
If we talk about risk platforms in the payment processing industry, it will act to fit industry-specific needs. So, the payment processor’s risk software will employ real-time analytics to analyze and predict users’ behavior. Moreover, the merchant service provider will use the merchant-set rules to prevent fraud. Besides, the payment processor can use the help of its risk analysts to provide even more protection to its clients. Merchants are free to use their own risk management software alongside the payment processor’s one. That doubles the security.