Risk Management Solutions Provider

Industry: Banking, Financial Services & Insurance

Risk Management Solutions Provider

Posted by Encora on May 19, 2023 9:51:47 AM

Encora’s approach drove significant improvements across the client’s eCommerce KPI dashboard.

Topics: Product Engineering & Development, Digital Experience, Cloud Services, AWS, DevSecOps, Banking, Financial Services & Insurance, Microservices Architecture & DDD, Data Modernization & Engineering

Industry Context

With the rapid development of FinTech and WealthTech, the investment management industry has seen an increasing need for real-time data.

Technologies such as ML, AI, and Big Data are now playing a pivotal role when keeping companies, partners, and clients competitive while at the same time evolving the evaluation of investment opportunities, portfolio optimization, and risk mitigation.

It is imperative for organizations that provide risk assessment platforms and tools to streamline their data pipelines, optimize their digital products, and offer exceptional user experience to retain a competitive edge in such a fast-paced market.

Client Challenge

RiskPro is a FinTech platform geared towards risk assessment, proposal generation, model trading, and portfolio monitoring for investment advisors at wealth management institutions, who create and manage financial investment portfolios for their end-clients. The company’s primary focus is on providing investment advisors and their supervisory firms with modern tools, built on leading-edge technology, to manage risk effectively.

The organization’s prototype platform had limited scalability, and it was crucial to refactor its legacy code. At the same time, RiskPro would be significantly enhanced by a product revamp. In addition, it was necessary to correct platform reliability issues, as well as eliminate product development constraints and ecosystem integration hurdles. It was also vital to improve RiskPro’s product development release cadence.

Approach

Platform Modernization - adopted a microservice-oriented architecture to rebuild RiskPro’s platform with the aim of improving modularity, deployments, security, logging, and fault tolerance
Product Engineering & Development - Encora’s team acquired an in-depth understanding of the client’s legacy platform to incorporate all legacy features
DevOps, accelerated the client’s release cycle through the use of a new microservice architecture
Data Science & Engineering - developed and executed a legacy data migration strategy; Encora’s team also rebuilt RiskPro’s nightly data ingest pipeline framework
Digital Experience - modernized the platform’s user experience

Why AWS?

AWS provides serverless computing, eliminating the need to manage infrastructure, decreasing operational costs, and increasing efficiency
AWS facilitates the creation, deployment, and management of secure and scalable APIs, protecting backend systems access
AWS provides high performance and availability, making it ideal for use cases that require low latency and high throughput
AWS enables teams to quickly and easily scale computing resources up or down as required to meet changes in demand

AWS Solution

Using AWS, Encora’s engineers rebuilt RiskPro’s platforms with new-age technology from the ground up. This included the primary RiskPro Advisor risk assessment, proposal generation portal, and portfolio monitoring, along with its data aggregation pipeline framework.

The team adopted a microservice-oriented architecture to rebuild RiskPro’s platform to meet the following objectives:

Enhanced modularity – improve code and codebase segregation of development responsibilities
Faster deployments – enhance build to value timing through ongoing review and updates to relevant services
Greater security – implement a zero trust and federated authorization approach
Improved logging – apply log streaming and facilitate debugging or backtracking
Fault Tolerance – ensure the enhanced availability of critical functions

Primary AWS Services: Amazon EC2, AWS Lambda, Amazon VPC, Amazon ECS, Amazon RDS, Amazon CloudWatch, Amazon SNS, Amazon SES, Amazon SQS, Amazon API Gateway, and AWS Fargate

Results

50% reduction in daily data ingest processing time
50% increase in development throughput
50% decrease in system integration time
Improved platform performance
Increased reliability and security
Significant improvements to end-user experience
Quicker feature releases and system integration

Risk Management Solutions Provider

Risk Management Solutions Provider

Industry Context

Client Challenge

Approach

Why AWS?

AWS Solution

Results

Development Throughput

System Integration Throughput

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