Operational Risk Management (ORM) Software Solutions

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. Operational risk management software 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.

Key highlights of the operational risk management solution are:

• Operational Risk Analysis and Risk Assessment: The MetricStream solution for OP Risk provides a centralized risk framework to document all risks faced by an organization. Risk Control Self Assessment (RCSA), which forms the core of solution, assists in risk identification and assessment based on a flexible rating mechanism.
• Control Design and Assessments: Once the key risks are identified and prioritized, MetricStream leverages a flexible operational risk framework to enable companies to define a set of controls to mitigate those risks. The system supports assessments based on predefined criteria and checklists and has a mechanism for scoring, tabulating and reporting results.
• Loss Tracking and Key Risk Indicators (KRIs): With loss event tracking, risk managers can track loss incidents and near misses, record amounts and determine root causes and ownership. Key risk indicators (KRIs) provide capabilities for tracking risk metrics and thresholds, with automated notification when thresholds are breached.
• Issue Management and Remediation: For issues arising from the assessment and auditing processes or from any other external events such as loss-events, scenario analysis or ‘near-misses', the MetricStream solution provides seamless issue management and remediation management capabilities. The solution supports triggering automatic alerts and notifications to appropriate personnel for task assignments for investigation and remedial actions.
• Reports and Dashboards: The solution has the ability to track risk profiles, control ownership, assessment plans, remediation status, etc. on heat maps and graphical charts that can be accessed globally and display real-time information. Ability to drill-down provides an easy way to access the data at finer levels of detail.

MetricStream operational risk software also provides other intelligent and content driven features such access to operational risk management training from an expert community from within the solutions and integration of business processes with regulatory notifications and industry alerts.