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Managing a multitude of internal and external risks is one of the most significant challenges facing global organizations today. Operational risk has been associated with business since the advent of commerce. With today’s renewed focus on ensuring business performance while protecting investors and the corporate brand, executives are being prompted to re-prioritize the importance of operational risk management within their organizations.
Minimizing losses, maximizing organizational efficiencies and reducing earnings volatility have always been high priorities for executive management and boards of directors. Increasing transaction volumes, growth-driven acquisitions and the globalization of business, coupled with a larger reliance on technology, have introduced higher degrees of complexity and uncertainty to organizations. In order to maintain a competitive advantage and to improve overall performance, organizations are seeking a way to understand and proactively manage the risks that can impact the business.
OpenPages ORM (Operational Risk Management) software automates the process of identifying, measuring and monitoring operational risk, integrating all risk data in a risk analysis– risk and control self assessments, loss events and key risk indicators (KRI) – into a 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.
OpenPages’ risk self-assessment capabilities enable organizations to document and evaluate their risk frameworks, including processes, risks, events, key risk indicators (KRI) and controls. Executive-level dashboard and reports provide visibility into the risk analysis, highlighting 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, 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 (KRI) provide capabilities for tracking risk metrics and thresholds, with automated notification when thresholds are breached. OpenPages ORM provides facilities for both manual and automatic data inputs from internal and external data sources.
With OpenPages ORM risk software, organizations can embed operational risk management and governance into the corporate culture, making procedures more effective and efficient while providing management with peace-of-mind that the corporate brand is protected.
As part of the OpenPages Platform, OpenPages ORM is a key building block and operational risk management tool in implementing an enterprise-wide, integrated approach to risk and compliance management. OpenPages ORM (Operational Risk Management) software delivers a policy-driven, process-centric way to manage risk through self-assessments, end-user surveys, automated workflow and executive dashboards that provide management with the visibility, control and decision support required to understand and manage risks throughout the organization to optimize business performance.
For questions or for more information on OpenPages' Enterprise GRC Management solutions, please click here or call us at 781.693.5999.
