Loss Event Management
Business operations do misfire from time to time resulting in severe financial consequences. Hence businesses seek to identify and prevent events that cause a decrease in their revenue and damage their assets or services. Organizations can take corrective actions by enhancing in their operating policies and revamping their business model through the latest loss management techniques. Banks and Financial Institutions presently are burdened with accelerated regulatory scrutiny, corporate governance pressures, disintegrated business units and disparate systems. This calls for an efficient loss control mechanism that keeps track of losses across the enterprise.
Routine administrative tasks like gathering loss information across multiple business lines, documenting exceptions, calculating gross loss information, allocating appropriate capital, and reporting risk exposures to the senior management and the board of directors take up a lot of time and effort. These can be resolved through an integrated system that can consolidate loss data from sub-systems at various geographical locations, facilitate customized loss reporting, support a centralized loss database system, and enable a comprehensive risk assessment methodology.
MetricStream Loss Event Management Solution
MetricStream's Loss Event Management is an end-to-end software solution that enables organizations to streamline and automate the process of capturing loss / gain events, logging exceptions, and reporting their status, as well as planning and executing suitable actions. It enables the consolidation of loss and gain events in a common repository and the ability to relate them to organization, risk, process, controls and other loss/gain events to facilitate analysis and reporting. The solution's meticulous workflow and collaboration engine facilitates an elaborate evaluation, investigation and tracking process, as well as a complete root-cause analysis of the captured loss. This drives the organization to take appropriate remedial actions as needed.
It facilitates a simple yet comprehensive loss data approach that ensures loss data integrity, and improves analysis and reporting, resulting in astute decision-making. It provides the latest capabilities and tools for assessing, identifying, measuring, monitoring, controlling, aggregating, and reporting losses resulting from inadequate or failed internal processes, people or systems.