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OpenPages ORM allows banks to comply with Basel II. Basel II is a revised framework of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision.
Initially published in June 2004, Basel II was designed to create an international standard that banking regulators can use when creating regulations about how much capital banks need to put aside to guard against the types of financial and operational risks that banks face. The goal is to promote a more forward-looking approach to capital supervision, one that encourages banks to identify the risks they may face in the present and in the future, and to improve their ability to manage those risks.
The Basel II Framework provides options for determining the capital requirements for operational risk, to allow banks to select the right approaches. According to Basel II, operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.
OpenPages allows these institutions better visibility into their operational risk landscape. The solution automates the process of identifying, measuring and monitoring operational risk, integrating all risk data – risk and control self assessments, loss events and key risk indicators – into one single solution. OpenPages ORM combines powerful document and process management with a monitoring and decision support system that enables organizations to analyze, manage and mitigate risk in a simple and efficient manner.
Risk self-assessment capabilities of OpenPages enable organizations to document and evaluate their risk frameworks with Basel II, including processes, risks, events, key risk indicators and controls. With Open Pages, executive-level dashboard and reports provide visibility into key risk metrics and policy compliance. Business process automation capabilities provide for real-time event escalation, automated risk processes, and streamlined remediation of issues and action items.
With loss event tracking, bank risk managers can track loss incidents and near misses, record amounts, and determine root causes and ownership. OpenPages ORM provides statistical and trend analysis capabilities and enables end-users to track remedies and action plans. Key risk indicators provide capabilities for tracking risk metrics and thresholds, with automated notification when thresholds are breached. OpenPages ORM provides facilities for the bank manager for both manual and automatic data inputs from internal and external data sources.
For questions or for more information on OpenPages ORM please click here or call us at 781.693.5999.
