Using Splunk, You want to set up monitoring of the CA Strong/Risk Authentication logs for failure/exception events.
Below are the use case requirements:
Release : 9.1.xx (Applicable to all the supported releases)
Component : AuthMinder(Arcot WebFort)
For both the questions the answer is "No"
Spunk requires no product related set up. Just point Splunk to product logs and set up monitoring. So at a high level identify the Authentication flows and CA Strong/Risk Authentication components that are used in your authentication flow. For example