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A Continuous Transaction Monitoring system must be intelligent and keenly implemented. Implementation and system architecture must follow a solid methodology, map well to existing processes, identify where there are weaknesses (both incidental and material), weed out inefficiencies (rather than only automating them), be simple to use, posses advanced analytics and be easily adapted to unique business requirements. On the whole, a CTM system must be dynamic and respond well to ever-changing governance requirements and must tell us what we do not know as well as what we do not know we do not know.

The intelligence and advanced analytics the CTM system employs must be able to adapt to changing requirements while at the same time identify symptoms, take all evidence into consideration, create alerts and distinguish between exceptions and errors.

In addition, CTM systems must be pervasive and persistent and have the ability to place controls across and throughout heterogeneous environments. The system’s analytics must identify when users are intentionally trying to subvert native controls and put controls in place for systems that do not possess them.

This section of the RFP Template questions includes the following sections: 1.) Creating Controls and Mapping to Business Processes, 2.) Rules, Alerts and System Analytics, 3.) Continuous Transaction Monitoring, 4.) Business Activity Monitoring and 5.) Continuous Improvement Support.

Dashboard, Workbench and Workflow

For a CTM system to be truly effective, it must not only identify problems but also have the ability to address them judiciously. The system must have a sophisticated dashboard that communicates to analysts the current exposure status, helping them to identify both opportunity and risk.

Immature CTM systems can easily overwhelm users with an avalanche of alerts. In order for systems to be truly effective, they must offer a means of triaging alerts, identify similarities between alerts and categorize required actions, assign alerts to the most appropriate user for resolution and prioritize alerts based on their impact. Effective CTM systems are results-oriented with regard to workflow-to-task, and they must monitor and measure the program’s overall success. Simply put, an effective CTM system must focus on continual improvement, identifying bottlenecks and inefficiencies as they arise and as a business grows and changes.

This section of the RFP Template questions includes the following sections: 1.) Dashboard Capabilities, 2.) Enterprise Workflow/Exception Handling Management, 3.) Error/Control Deficiency Tracking and Resolution and 4.) Learning Component - Knowledge Repository - Best Practices.