Would there be any risks involved if we opt out from features like New PIN / Next Token code modes? I have verified its possible to implement authentications without these features though
If I understand you correctly you are asking about disabling New PIN mode and Next Token Code Mode.
New PIN mode is used for users to set their PINs for their new tokens.
If you decided you can disable PINs for tokens, but that would be a security risk since two factor authentication is something you know (PIN) and something you have (token code). But to disable it from:
Security Console > Setup > system Settings > Tokens:
SecurID PIN choose "Set all tokens to not require a PIN (tokencode only). "
As for Next Token Code Mode, is a way for the authentication manager to be in sync with the token seed on devices.
A token enters this mode if there were a set of unsuccessful (the number can be adjusted in token policy) authentications one after another, or there is a drift in token codes, thus the server and token needs to be in sync.
More info: 000029685 - Navigating Next Tokencode Mode in RSA Authentication Manager 8.1 and above
Retrieving data ...