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 & Analytics

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. 

RP Industry

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. ​


RM Challenge

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​

RP Approach

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 02

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

 

AWS Solution 1111

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

 

RP Results
RP metric +50%

Development​ Throughput​

RP metric -50%

System​ Integration​ Throughput​

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