SecondFloor today announced the release of eFrame 3.2, the latest version of its governance, workflow and process control software for controlled risk data management and efficient risk reporting in the financial services sector.
Having long anticipated the BIS Principles on Risk Data Aggregation and Risk Reporting, SecondFloor has extended eFrame's capabilities and the pre-built integrations with commonly used modeling and reporting tools.
In addition to its integration with IBM® Algo Financial Modeler, eFrame now integrates with Matlab®.This enables Matlab® users to run custom developed Matlab® functions within a governed environment. Matlab® model executions can now be tracked, with the data inputs and results being validated, auditable and trustworthy for management decision-support. Model executions will be recorded so that auditors and supervisors can see which model and data sets were used for each analytic or reporting cycle. This new eFrame connector operates in a grid computing environment, which means that it is deployable across the enterprise to help achieve consistency and high quality data management and modeling throughout a business line or group.
Furthering SecondFloor's partnership with IBM®, eFrame now integrates with IBM® Cognos® reporting capabilities. This means that Cognos® users looking to produce management and regulatory reports can do so with greater confidence in the legitimacy of the output. eFrame's taxonomy driven data model will reflect the structure of reports designed in Cognos®. Using eFrame's Time Window Driven Reporting® approach, its automated workflows and data governance controls will ensure that the right data is collected, validated and processed for use in the report.
"The many users of Cognos® will be able to have confidence that their report templates will be populated on time with complete, accurate results." said Erwin van Dixhoorn, Chief Technology Officer at SecondFloor. "This supports best practice principles in that eFrame ensures managers can rely with confidence on the information, to make critical decisions about risk. We leave it to the Cognos® users to know who are the appropriate recipients of any given repoort, and eFrame will then help ensure the reports are delivered in a time that allows them to formulate an appropriate response to the information." continued van Dixhoorn.
Auditors and supervisors expect evidence, that applied processes are clearly documented and and have been followed.. Expert judgment is often applied to overcome inaccurate or missing data. With eFrame's new Structured Data Viewer, the process of viewing and editing data is improved, making it even more flexible and simple. Those accountable for the accuracy of data can easily view it from the perspective of any metadata attribute with which it is associated. eFrame applies data attributes as an automated procedure, and users with permission can check that data is complete and consistent across any relevant dimension. All edits are captured and form part of an audit report.
"Data management and data quality are issues that are beginning to surface at board level. It is ultimately the board's responsibility to ensure that reports and submissions are accurate." said Martin Knook, CEO at SecondFloor. "To encourage healthy practices you have to make it intuitive for people to make their contribution. This is what eFrame's Structured Data Viewer achieves." concluded Knook.
Being responsible for getting accurate reports completed on time can be disruptive to other daily activities during reporting cycles, resulting in a backlog of work to look forward to when the report is finally delivered. In response to this, SecondFloor has adapted its user-specific oversight dashboard to run on mobile devices. eFrame's mobile dashboard capability provides a completeness report that summarizes the status of input files for each relevant node of the business hierarchy. All items awaiting action from the user are also available, as are the user's latest activities that have been completed. This helps users keep the reporting process on track while continuing to perform their other duties, making reporting a practical business as usual activity.