Our Products

2. Risk Appetite

Our system enables you to create a comprehensive risk appetite framework, both qualitative and quantitative, that aligns seamlessly with the company’s strategic objectives. It supports manual Key Risk Indicator (KRI) tracking and integrates with legacy systems to enhance proactive risk management through a set of early warning signs.

3.Stress Testing and Scenario Analysis

The system introduces pre-defined scenarios related to insurance and investment, allowing for detailed stress testing and scenario analysis to evaluate the impact on capital requirements and overall solvency.

4. Deployment and Configuration

• Flexible Configuration: Customizable risk categories, assessment components, and reporting formats.

• Cloud & On-Premises Deployment: Flexible deployment options to meet infrastructure and security requirements.

• Multi-language Support: Supports global teams with multiple language options.

• System Integration: Seamless integration with financial, operational, and IT systems for a comprehensive risk overview.

5. Security and Governance

• Access Control: Role-based access ensures secure data access while enabling transparency.

• Audit Trail and Documentation: Maintain a detailed record of actions and decisions to ensure governance and compliance.

6. AI assistant

RABEE

InnovRM features

InnovRM delivers everything you need to stay ahead in today’s complex insurance landscape.

1. Risk Management and Assessment

• Risk Identification and Assessment: Systematic risk identification and assessment across all departments, with tools to evaluate likelihood and impact.

• Risk Universe Management: Comprehensive framework for identifying, categorizing, and managing risks across the organization.

• Risk Register: Centralized repository for tracking risks, mitigation strategies, and action statuses.

• Risk Analysis and Reporting: Customizable reports, heat maps, and dashboards for insightful decision-making.

• Risk Monitoring: Automated alerts for real-time risk tracking when thresholds are exceeded.

• Risk Reporting via Dashboard, Excel, Word, and PDF: Generate and export reports in multiple formats for sharing and analysis.

• Full Integration with Risk Appetite: Aligns with the organization's risk tolerance and ensures actions adhere to the company's risk appetite framework.

7.Control Testing by Internal Audit team

• Comprehensive Control Testing: Allows internal audit teams to assess control effectiveness.

• Independent Assessment: Ensures controls meet required standards through independent review.

• Real-Time Insights: Identifies potential gaps or weaknesses in controls immediately.

• Enhanced Collaboration: Facilitates seamless interaction between risk management and audit teams.

• Strengthened Governance: Supports a strong governance framework, enhancing organizational confidence in internal processes.

8. Workflow Feature of InnovRM

• Communication Facilitation:Includes a workflow that allows communication between risk owners and the risk management team.

• Multi-Way Interaction: Ensures continuous, multi-way communication throughout the life cycle of the risk assessment process.

9. Advanced Reporting Suite

• Powerful Reporting Tools: Provides robust reporting capabilities for effective risk data analysis.

• Intuitive Dashboards: Offers user-friendly dashboards for clear insights.

• Supports Informed Decision-Making: Simplifies complex information for easier understanding.

• Risk Trend Tracking & Performance Assessment: Monitors risk trends and evaluates performance over time.

• Real-Time Data Visualization: Delivers dynamic, real-time visualizations to keep stakeholders informed.

InnovIA Features

InnovIA is a next-gen Internal Audit system that streamlines the entire audit process, enhancing efficiency, transparency, and governance.

1.System Settings & Administration

• User Administration: Manage roles, permissions, and security access with precision.

• Business lookup: Flexible lookup libraries (customizable lists, references).

• Notification Templates: Automated, tailored notifications for efficiency.

• Organization Structure: Define and manage auditable entities.

• Process Management:

  • Handle main and sub-processes seamlessly.

  • Inherent risk calculation with weighted scoring.

  • Risk assessment and prioritization.

  • Audit priority management.

• Audit Plan Management: Build the annual audit plan with workflows for initiation and approval.

• Ad-hoc Requests: Submit new audit requests with approval controls.

• Define audit intention and engagement scope

• Conduct kickoff meetings and document agreements

• Build Risk and Control Matrices (RCM) to align risks and controls effectively

2.Organization & Audit Setup

3.Planning

4.Fieldwork & Execution

• Audit Workpapers

  Structured workflows for documentation

• Design Adequacy & Operating Effectiveness Testing

  Evaluate control design and execution

• Testing Documentation

  Capture evidence and testing results

• Audit Findings & Issues

  Track findings with detailed issue documentation and automated owner notifications

6.Follow-Up & Monitoring

5.Audit Reporting

• Audit Grading

  Assess overall audit outcomes with a structured grading process

• Audit Reports

  Comprehensive reports with executive summaries

• Issue Tables & Closure

  Summarize audit issues and track closure post-engagement

• Monthly Issue Tracking (MIT):

  Monitor open issues with monthly tracking

• Target Date Extension (TDE):

  Structured process for extending issue resolution timelines

• Issue Validation:

  Validate closure of reported issues

• Risk Acceptance:

  Document and approve risk acceptance decisions

InnovCM Features

1.Regulatory Compliance Management

• Ability to meet compliance requirements from relevant regulatory bodies

• Centralized library for regulations and standards

2.Policy & Procedure Management

• Management of internal policies and procedures

• Creation, review, approval, and version control

• Automated reminders for periodic updates

3.Compliance Calendar

• Centralized calendar for regulatory and compliance deadlines.

• Configurable alerts and reminders ahead of deadlines.

• Role-based task assignment and tracking.

4.Compliance Monitoring & Testing

• Mapping compliance risks with regulations and business departments (risk mapping)

• Assessment of compliance and tracking gaps to support corrective actions.

• Alerts for incidents, breaches, and violations.

5.Regulatory Reporting & Audit Support

• Customizable dashboards to show open regulatory cases, response times, and challenges.

• Automated compliance reports.

• Evidence repository to support audits and inspections.

• Customizable reports for different management levels.

6.Workflow Automation & Integration

• Automated reminders, escalations, and approvals

• API-ready for seamless cross-platform compliance functions

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