Operational Risk Management
Organizations are developing systematic oversight programs to address day-to-day operational risks including the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Many of these initiatives and activities are primarily owned and managed within a specific departments or functions. By adopting an integrated approach, companies can ensure that all operational risks management initiatives are sustainable process aligned with the corporate strategy and not as unrelated tactical projects.
Operational Risk Management software solution from MetricStream enables documenting and assessing operational risks, defining controls , managing audits, and implementing recommendations and remediation plans. The system integrates all operational risk management related data and processes - a reusable library of risks and their corresponding controls and assessments, results from individual assessments, key risk indicators, events such as losses and near-misses, issues and remediation plans - in an integrated solution.
Role-based dashboards, control diagrams, and scorecards provide visibility into the ongoing risk management efforts and bring high-risk areas into focus. The solution has the ability to track process ownership, assessment plans, remediation status, etc. on graphical charts with real-time information that can be accessed globally. Ability to drill-down to deeper levels of information with a single click provides an easy way to access the data at finer levels of detail.
MetricStream uniquely combines software and content to deliver Operational Risk Management software solution to customers . Embedded best practices content helps define the scope of processes and sub-processes for which risk management needs to be performed and guides development of control and test libraries. It also provides other intelligent and content driven features such access to training content from an expert community from within the solutions and integration of business processes with regulatory notifications and industry alerts.
