Six Reasons to Purchase, Not Build, Risk Management Software
When it comes to selecting risk management software for your firm, the stakes are high: The wrong choice can directly impact your efficiency and profitability. Although some firms invest in custom-built risk management software, they often discover the returns on this investment are far from optimal. Here are the top six reasons your firm should stick to purchasing a proven, best-in-class risk management software rather than building from scratch.
Making the Most of Your Money
Having business intake software custom-built for your firm’s risk management process is likely going to cost more than off-the-shelf risk management software, but it’s ultimately worth it, right? Not necessarily. In addition to paying for software development, you’ll also need to pay for hosting, support, updates, and other additional vendor services — all of which quickly add up over the lifespan of your custom software. Firms often miss crucial deadlines as their technology team grapples with unfamiliar concepts and disparate data sources. These extended timelines are yet another hidden cost of implementation that can impact budgets at unpredictable times. Purpose-built risk management software like OnePlace Risk & Compliance comes with predictable implementation timelines and, once installed, it automatically and seamlessly takes care of updates in the cloud, saving your firm significant costs for services and hardware.
Streamlining Execution and Reducing Errors of New Business Intake
Maintaining separate software for conflicts clearance and business intake increases risk, because lawyers, consultants, and professionals may miss conflicts when reviewing and comparing reports. These errors can cause significant risk to the firm and require significant time and resources to resolve. OnePlace Risk & Compliance provides functionality that reduce the risk of errors and streamlines your firm’s systems for clearing conflicts, onboarding new business, and managing client requirements. As a result, staff can spend less time generating results and lawyers, consultants, and professionals can quickly review the most important details.
3) Development and Maintenance
Working with Dedicated Tech Teams
Having a knowledgeable and responsive tech support team is crucial, no matter what tool or technology you’re implementing. Finding a team that truly understands your risk management software is difficult, however, if your application was built from scratch. Your team’s valuable time should be spent focusing on strategic work and new business intake, not navigating complex technical tradeoffs and system design questions. We work directly with firms that use OnePlace Risk & Compliance to ensure our products best support risk management processes and workflow. Your staff can access our dedicated support team with the assurance that our team is deeply familiar with your risk management software and can provide the resources to solve whatever problems arise.
Connecting with the Intapp User Community
As custom-built risk management software only pertains to the firms for which they’re built, their users won’t be able to connect with others who can offer relevant resources or information. In contrast, OnePlace Risk & Compliance clients gain access to our Intapp Client Community portal, which offers an extensive knowledge base, case management tracking, feature requests, and user forums. By joining the community of Intapp users, you’ll be able to leverage the knowledge of other OnePlace Risk & Compliance clients and share your own experiences. You’ll also receive exclusive invitations to thought leadership and networking events, such as Intapp Connect, to help you learn best practices and make key connections.
Gaining Control over Process Changes
Traditional intake products are built on generic business process management (BPM) tools. Figuring out how to use these complex tools is difficult enough; customizations to your software can make it nearly impossible for your teams to make necessary changes to forms or processes down the road. In contrast, OnePlace Risk & Compliance allows nontechnical users to manage and change risk management processes and forms directly — without configuring code — saving your firm a significant amount of time and effort.
6) Change and Growth:
Anticipating Your Clients’ Needs
Custom-built risk management software may meet your current requirements, but what about in the future? At Intapp, we’re constantly innovating and improving our solutions, applying user feedback and ensuring that firms can meet the ever-changing demands of their clients. This includes continuing to evolve Intapp OnePlace connected firm management software with critical elements, such as a growing set of third-party data integrations for new business due diligence. By consistently updating and adding new features to our OnePlace Risk & Compliance risk management software, we help your firm stay up to date with the latest trends and best practices in the legal and professional services sectors.
Learn more about how OnePlace Risk & Compliance turns risk and compliance management into a competitive advantage.
- Streamline your firm’s risk assessment and AML compliance process with Intapp OnePlace
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- Streamline your firm’s AML compliance with Intapp Intake
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- Improving AML Compliance, CDD Practices, and Risk Assessment