Peppermint platform delivers COFA and COLP toolset
Peppermint Technology delivers continuous, not point-in-time, COFA and COLP risk management and reporting tools as part of the Peppermint platform. The platform provides compliance officers with the tools they need to support the new outcome-focused regulations. Unlike other standalone or bolt-on risk solutions the Peppermint platform manages risk directly from a central business platform therefore intelligently identifying and managing risks as the business changes.
Risk is different for every firm so it should not be about managing a prescribed ‘box-ticking’ exercise. As the business and market changes, business risks will also change and evolve. To effectively manage risk, firms need to be able to track every piece of business data and intelligently and proactively analyse trends and/or anomalies. Firms should be cautious not to rush into making an investment in a point-in-time risk application. They should instead ensure they can report easily and quickly on any data, then tailor a report or dashboard to capture and present potential risks.
Within the Peppermint platform every piece of data, communication, task or action can be accessed and reported on in real-time. Exception alerts and appropriate actions can be set against defined business criteria to quickly highlight risk to the appropriate people. COFA and COLP dashboards present relevant risk information in an easy to digest format. This makes it easier for the firm to continuously track risks while also benefiting from identifying trends and opportunities.
Peppermint’s CEO Arlene Adams says, “If you look at mature markets where regulation and risk management are more advanced, then companies have a holistic approach to risk management. The same systems that can report risk can be turned into business advantage to identify trends and opportunities, which is why having a data strategy is the right place the start.
With the Peppermint platform firms have access to inbuilt reporting tools that can surface any data and report on any risk but equally provide intelligence that can help firms grow and thrive”
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Tags: legal IT, legal software, Peppermint Technology