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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. Executive management and boards of directors now expect a deeper understanding of how operational risk is being managed and how to manage risk to create the greatest reward for stakeholders.
Traditionally, enterprises have managed operational risk in silos, where separate business units maintain their own data, analytics and assumptions. Existing operational risk management systems are not equipped to capture complex interdependencies among a multitude of risk factors that span geographies, lines of business and functional organizations. As a result, departments end up focusing on risks that have less impact or low probability of occurring, while failing to recognize more substantial and preventable losses. OpenPages ORM can help your organization ensure that it has the appropriate indicators and controls in place to recognize and manage operational risk, and escalation processes to mitigate the adverse impacts when something bad does happen.
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. An integrated operational risk program will enhance an organization’s ability to be competitive in the market place, since it enables management to make strategic business decisions that are based on a complete and integrated risk portfolio of the enterprise.
OpenPages ORM automates the process of identifying, measuring and monitoring operational risk, combining all risk data – risk and control self assessments, loss events, scenario analysis, external losses, and key risk indicators (KRI) – into a single integrated 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.
With OpenPages ORM risk software, organizations can embed operational risk management practices into the corporate culture, making procedures more effective and efficient. Organizations are able to share processes, risks and controls across business units to reduce complexity, eliminate duplication of efforts, increase effectiveness and understand interdependencies between key business processes.
OpenPages’ risk self-assessment capabilities enable organizations to document and evaluate their risk frameworks, including processes, risks, events, key risk indicators (KRI) and controls. Risk assessments styles include qualitative and quantitative assessments, as well as top-down and bottom-up techniques. Executive-level dashboard and reports provide visibility into the risk analysis, highlighting key risk metrics and scenario outcomes. 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. External losses can be compared with internal loss events to provide benchmarking and capital allocation support. 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.
To read more about operational risk management, visit our blog. For questions or for more information on OpenPages' Operational Risk Management solutions, please click here or call us at 781.693.5999.
