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January 2021 Update - Feature Image

January 2021 – Monthly update on features, insights & more …

This monthly post includes updates on new features, insights, services and development roadmap.

  1. Two-factor Authentication (2FA) [FEATURE]
    If your teams are struggling to access CORE via corporate VPN while working from home, 2FA offers a convenient and secure alternative.
  2. New Workflow Stages [FEATURE]
    In addition to the Three-stage workflow, a two-stage workflow is now available for smaller teams.
  3. Responsibility Profile [INSIGHT]
    A new insight is available on users’ responsibilities, ideal for those looking to support their SM&CR annual re-certifications in the UK.
  4. Compliance as a Service (CaaS) [SERVICE]
    We are excited to announce the soft launch of our outsourced risk & compliance function, delivered through CORE of course 😊.
  5. Backend 2.0 [PRODUCT ROADMAP]
    We have some very exciting new features, modules and integrations planned for 2021 which requires an upgrade to our backend during Q1.

1. Two-Factor Authentication (2FA) [FEATURE]

As WFH became the new norm, a number of our clients were experiencing issues accessing CORE through their corporate VPNs from home. 

To address these challenges, we are rolling out two-factor authentication (2FA) for all clients in January. 2FA can be used with or without the VPN restriction, however, to remove the VPN restriction a written request needs to be sent to the support team. 

Learn more about access management or how to set up 2FA at CoVi Analytics knowledge base.
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2. New Workflow Stages [FEATURE]

A simplified, two-stage, workflow is now available. The two-stage workflow is designed with small teams in mind, specifically where Owners for CORE elements may have multiple responsibilities and therefore not have the time to sign-off everything in CORE.

In the two-stage workflow, individuals assigned as Reviewers, and not Owners, will be responsible for signing off the CORE element (Risks, Controls, indications, actions etc.).

A switch to change the workflow stages between two / three will be available in the Config settings for admins in the coming months. In the meantime contact the support team to switch your workflow stage settings.

Learn more about workflows at CoVi Analytics knowledge base.
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3. Responsibility Profile [INSIGHT]

A new insight is available on user’s responsibilities called Responsibility Profile. The visualisation shows users’ involvement with various CORE Elements in different capacities – Owner, Reviewer or Manager.

The Responsibility Profile insight is available in the User profile section, accessible using the “user” icon in the top right of the App (see image).

Use Case: Use Responsibility Profiles to support the annual SM&CR re-certifications or incorporate them into your staff appraisal process.
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4. Compliance as a Service (CaaS) [SERVICES]

CoVi Analytics soft-launched an outsourced risk and compliance service for regulated firms. CaaS is designed for businesses looking for a turnkey Risk and Compliance functions (startups) or to augment their existing teams as they scale their operations into different products or jurisdictions (scale-ups).

Our CaaS service differentiates itself from competitors in two distinct ways, it promises to be pragmatic and leverage technology with the delivery principle centric around operational efficiency.

More details will follow in the coming weeks as we finalise our CaaS proposition but if you or someone in your network wants to learn more about our CaaS offering or get involved with the beta program please contact – CaaS@covianalytics.com.
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BackEnd 2.0 [PRODUCT ROADMAP]

Despite the challenges of 2020, Team CoVi delivered significant enhancements and new features for CORE, including API integrations with third-party services like Quick books.

There is a long list of modules, features and integrations planned for 2021. To help deliver these extended features at a faster pace, Team CoVi will be spending most of the first quarter upgrading the back-end and improving performance speeds.

What this means: There will be no impact on the current services. Over the course of Q1, users will experience further performance improvements but no new feature releases are planned till April this year.

Once the backend is updated, we have some very exciting new features modules in our release pipeline that will further help firms achieve operational efficiencies. One such module is Data Directory which will allow firms to “connect” data from their existing systems into CORE for live monitoring, even if that system doesn’t support APIs. More on this in future monthly updates.
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