Operational Risk Management Software

Operational risk management (ORM) software, often called an operational risk management system, is a dedicated solution designed to identify, assess, monitor, and mitigate the risks arising from day-to-day business operations, system failures, human errors, process breakdowns, or external disruptions. Unlike generic risk tools, ORM software offers structured workflows and real-time visibility into the root causes and cascading impacts of operational risks. It enables organizations to connect risk assessments with controls, incidents, and action plans in a centralized platform, helping build a proactive, data-driven risk culture that goes beyond compliance and actively protects performance.

Yes, modern ORM software is designed to work as part of a larger risk and compliance ecosystem. It can easily integrate with systems like ERP, HR, finance, audit, and cybersecurity tools, enabling the free flow of risk data across departments and functions. This integration enhances visibility, reduces data silos, and allows for a more holistic view of operational risk. Whether it's pulling data for risk assessments or triggering alerts based on incidents, connected ORM software empowers organizations to respond faster and smarter by using existing enterprise intelligence.

Yes, modern ORM software is designed to work as part of a larger risk and compliance ecosystem. It can easily integrate with systems like ERP, HR, finance, audit, and cybersecurity tools, enabling the free flow of risk data across departments and functions. This integration enhances visibility, reduces data silos, and allows for a more holistic view of operational risk. Whether it's pulling data for risk assessments or triggering alerts based on incidents, connected ORM software empowers organizations to respond faster and smarter by using existing enterprise intelligence.

Yes, the MetricStream ORM software supports categorizing and classifying business lines and loss events based on Basel standards and can be easily configured to define processes and workflows as per various standards such as Basel, Solvency II, PRA, APRA, etc. Additionally, it ensures effective risk management with the capability to integrate with several third-party content providers such as RiskSpotlight, UCF using APIs to pull data into the system.

MetricStream’s ORM software tool lets you plan, schedule, and perform both top-down and bottom-up risk and control self-assessments. It enables simple risk analysis and assessments by rating risks, and advanced assessments using multiple parameters and risk scoring to meet variations in risk assessment methodologies across business units, regions, and products. Also, the operational risk management framework helps you assess the overall control environment based on multiple factors. You can aggregate risk scores using a weighted average method where weights can be given to multiple dimensions including organization, objective, product, process, assessable item, or risk hierarchy for improved and accurate risk visibility. Risk analysis and computations are based on configurable methodologies and algorithms for inherent impact and likelihood. Risk assessment criteria include impact, likelihood, controllability, and other determinants as well as weight-based assessments of risk criteria values for use in combined valuations.

ORM software works by digitizing the entire operational risk lifecycle, from risk identification and assessment to mitigation and monitoring. It generally starts with capturing potential risks through assessments, loss events, or key risk indicators (KRIs), which are then scored, analyzed, and mapped to relevant processes or controls. The platform automates risk response workflows, assigns ownership, and tracks remediation efforts in real time. Dashboards and reports offer actionable insights for decision-makers, while built-in audit trails ensure transparency and accountability. Ultimately, ORM software transforms risk handling into a continuous, business-aligned discipline.

Yes, for banks and financial institutions, the MetricStream ORM software supports categorizing and classifying business lines and loss events based on Basel standards and can be easily configured to define processes and workflows as per various standards such as Basel, Solvency II, PRA, APRA, etc. Additionally, it ensures effective risk management with the capability to integrate with several third-party content providers such as RiskSpotlight, UCF using APIs to pull data into the system.

MetricStream’s ORM software tool lets you plan, schedule, and perform both top-down and bottom-up risk and control self-assessments. It enables simple risk analysis and assessments by rating risks, and advanced assessments using multiple parameters and risk scoring to meet variations in risk assessment methodologies across business units, regions, and products. Also, the operational risk management framework helps you assess the overall control environment based on multiple factors. You can aggregate risk scores using a weighted average method where weights can be given to multiple dimensions including organization, objective, product, process, assessable item, or risk hierarchy for improved and accurate risk visibility. Risk analysis and computations are based on configurable methodologies and algorithms for inherent impact and likelihood. Risk assessment criteria include impact, likelihood, controllability, and other determinants as well as weight-based assessments of risk criteria values for use in combined valuations.

MetricStream ORM software supports the collection of loss data for effective risk management in multiple ways:

Internal loss data- when the data collection is carried out through a manual/automated approach from forms and bulk upload of multiple loss events from spreadsheets.
External loss data- when the data collection from libraries/consortia is enabled through APIs and spreadsheets uploads.
In compliance with the Basel Accords, the operational risk management framework helps you capture and categorize internal risk events and losses across multiple impacted organizations. Faster loss data recording with a simplified and easy-to-use interface is enabled for frontline users to record basic details of a loss event. Multi-currency risk events can be aggregated in a single currency. You can analyze trends, conduct a causal analysis, and initiate corrective actions across your organization. You can also define loss thresholds, consolidate data from external loss data exchanges, and conduct a loss data analysis.
Business users or frontline workers can easily report an issue or a loss using a simple interface with minimal information. The reviewer can triage these loss events or issues based on AI-powered recommendations.

With our ORM software system, you can record findings stemming from risk assessments and control tests. AI/ML can be leveraged to quickly identify semantically similar issues, classify issues, and recommend action plans. You can drive action plans to modify internal controls or define new internal controls as part of the issue remediation process. Implemented actions can be monitored at every stage and tracked to closure.

You can explore the MetricStream Operational Resilience solution that brings all aspects of the operational resilience framework on to a single unified platform by seamlessly embedding risk management practices into compliance, cybersecurity, vendor risk management and business continuity planning to prepare for and prevent potential disruptions. To request a demo, click here. get a demo.

Also, you can visit our Learn section to dive deeper into the GRC universe and the Insight section to explore our customer stories, webinars, thought leadership, and more.

MetricStream’s Operational Risk Management product enables organizations to measure and track key indicators for risks (KRIs), controls (KCIs), and performance (KPIs). Users can set thresholds to identify potential threats and mitigate them proactively. The solution also supports correlative analyses between various key metrics and automatically sends alerts and notifications to relevant personnel upon any breach, with the ability to define multiple follow-up actions.

MetricStream’s Operational Risk Management solution provides real-time visibility into risk management programs through role-based landing pages and dashboards. Risk managers can leverage dynamic heat maps to view risks by organization, product, process, or risk category, and track the movement of risk from inherent to residual based on control effectiveness. The solution offers a 360° view of risk through advanced visualization of key metrics, with the ability to personalize the home page to suit specific analysis needs.

MetricStream’s Operational Risk Management solution includes Intelligent Issue and Action Management capabilities that automatically identify duplicate issues and recommend issue classification and action plans at every stage of the issue lifecycle. This helps risk teams work more efficiently by reducing manual effort and ensuring findings from risk assessments and control tests are tracked systematically through to closure.