OpenPages Loss Event Database
Enabling Risk Analysis and Risk Management
OpenPages provides a full featured loss event database for managing and analyzing internal and external operational events. OpenPages solutions enable an organization to quickly and easily register events that manifest in any area of the business. The loss event database can be configured to capture all pertinent data to support root causal analysis and provide consistent data for regulatory and economic capital modeling. The events can then be automatically driven through root-cause analysis processes where the information gathered can drive the event through workflow depending on conditional values, such as the size of the loss. OpenPages loss events can also integrate with third party loss event databases.
OpenPages Loss Event Database Supports:
- Consistent capture of Loss Events and Near Misses: includes multiple impacts and recoveries per loss event so that all incidents associated with a single loss can be captured in one place
- Allocation of events to multiple business or legal entities at the aggregate loss event or the individual impact level
- Correlation of events with RCSA, Scenario Analysis and KRIs: includes associating losses directly to the risks that were materialized or the controls that failed
- Root Cause Analysis and Issue identification/remediation: automated root cause analysis through workflow which includes capturing causal data and tracking remediation efforts when issues arise
- Decision support in the form of dashboard and heat maps: reporting can aggregate loss data by event category, business lines and other dimensions as well as compare actual loss to projected risk exposures
- External Loss Event Capture: includes capturing and reporting on external loss data and automated integration with external loss databases
Benefits of Loss Event Database of OpenPages Include:
- Methodology Support - OpenPages enables users to define their own categorization schema and methodology for capturing loss events. Basel II event categories levels I and II are supported out of the box (along with other best practice frameworks and standards), but can be changed or modified through configuration. Multiple impacts and recoveries can be linked to a single event across multiple business entities to ensure the most complete picture of every event.
- Efficiency, Accuracy and Accountability - Loss events and incidents can be registered consistently and with data integrity assurance, linked directly to the risks that materialized the controls that failed and/or the processes that broke down. With a heightened degree of visibility, management action can occur immediately to ensure appropriate action is taken by the right personnel.
- Risk Measurement and Risk Management - OpenPages can instantiate any variation of aggregation algorithm and instantly compare event data with all aspects of the greater ORM framework. Stakeholders gain instant visibility into the reality of events across their business and cross enterprise risk event profiles help organizations identify issues and best practices. OpenPages provides a mechanism for tracking issues discovered during the root cause analysis process to ensure a closed loop management process implemented with an eye towards reducing the number of events and minimizing their impact to the organization.
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