In Avaloq, what does the term 'module' refer to?

The term 'module' in Avaloq refers to a self-contained unit of functionality within the Banking Suite. This means that each module is designed to operate independently while still being integrated with the overall system. Modules encapsulate specific functionalities, which can include anything from handling specific types of transactions to integrating various business processes relevant to banking operations.

Having this self-contained design allows for greater flexibility, as modules can be updated or replaced without significant impact on the rest of the system. This structure facilitates easier customization and enhancement as banks can implement additional modules according to their specific operational needs without overhauling the entire Suite.

In contrast to the other choices, which refer to user interface elements, auditing features, or reporting tools, the correct answer emphasizes the core architectural concept of the Avaloq system that focuses on modularity and distinct functional capabilities.