Introduction
In the context of Operational Risk Management (ORM), financial risk refers to the potential for losses due to the failure of financial controls, such as internal controls for financial reporting, financial misconduct, or the impact of financial events on the organization’s operations.
Financial risk can arise from a variety of sources, such as credit risk, market risk, liquidity risk, or operational risk. For example, a bank may face financial risk due to a borrower defaulting on a loan (credit risk), changes in interest rates affecting the value of financial assets (market risk), insufficient cash flow to meet financial obligations (liquidity risk), or errors in financial reporting resulting in misstated financial statements (operational risk).
ORM aims to identify, assess, and manage financial risks by implementing appropriate controls and procedures to mitigate potential losses. This includes establishing effective financial controls, monitoring financial performance, conducting regular risk assessments, and ensuring compliance with relevant regulations and policies. By managing financial risks effectively, an organisation can minimise the impact of financial losses and maintain its financial stability and reputation.
OpenPages capability in the area of Non-Financial Risk
Here are some of the capabilities that OpenPages provides in the area of financial risk:
- Financial Control Management: OpenPages allows organizations to manage financial controls by creating and testing controls, monitoring their effectiveness, and identifying and addressing control deficiencies. This helps organizations to ensure the accuracy of their financial reporting and compliance with regulations.
- Operational Risk Management: OpenPages provides a comprehensive framework for managing operational risks that can impact financial performance, such as fraud, errors, and system failures. This helps organizations to proactively identify and mitigate potential financial risks.
- Financial Risk Assessment: OpenPages provides a platform for conducting financial risk assessments, including scenario analysis and stress testing. This helps organizations to understand the potential impact of financial risks and develop strategies to mitigate them.
- Regulatory Compliance: OpenPages includes pre-built content and workflows to help organizations comply with financial regulations, such as Sarbanes-Oxley (SOX), Basel III, and International Financial Reporting Standards (IFRS). This helps organizations to stay compliant and avoid financial penalties.
- Financial Reporting: OpenPages provides a platform for managing financial reporting processes, including data collection, consolidation, and analysis. This helps organizations to ensure the accuracy and completeness of their financial statements.
Overall, OpenPages provides a comprehensive suite of capabilities to manage financial risk and ensure the accuracy and compliance of financial reporting processes.
About us:
We are Timus Consulting services, a fast growing, premium Governance, Risk, and compliance (GRC) consulting firm, with a specialization in the GRC implementation, customization and support.
Our team has consolidated experience of more than 15 years working with financial majors across the globe. Our team is comprised of experienced GRC and technology professionals that have an average 10 years of experience. Our services include:
- GRC implementation, enhancement, customization, Development / Delivery
- GRC Training
- GRC maintenance, and Support
- GRC staff augmentation
Our team:
Our team (consultants in their previous roles) have worked on some of the major OpenPages projects for the fortune 500 clients across the globe. Over the past year, we have experienced rapid growth and as of now we have a team of 15+ experienced and fully certified OpenPages consultants, OpenPages QA and OpenPages leads/architects at all experience levels.
Our key strengths:
Our expertise lies in covering the length and breadth of the IBM OpenPages GRC platform. We specialize in:
- Expert business consulting in GRC domain including use cases like Operational Risk Management, Internal Audit Management, Third party risk management, IT Governance amongst others
- OpenPages GRC platform customization and third-party integration
- Building custom business solutions on OpenPages GRC platform
Connect with us:
Feel free to reach out to us for any of your GRC requirements.
Email: [email protected]
Phone: +91 9665833224
WhatsApp: +44 7424222412
Website: www.Timusconsulting.com
