Non-financial risk refers to the risk that a company faces that is not directly related to its financial performance, such as operational, reputational, strategic, and compliance risks.
Operational risks refer to risks associated with the company’s internal processes, people, and systems. This could include risks associated with fraud, errors, system failures, or supply chain disruptions.
Reputational risks refer to risks associated with negative publicity or public perception of the company’s actions or behavior’s. This could include risks associated with data breaches, product recalls, or environmental issues.
OpenPages capability in the area of Non-Financial Risk
OpenPages, a risk and compliance management software developed by IBM, has several capabilities in the area of non-financial risk management. Non-financial risks refer to risks that are not related to financial loss, but instead, arise from various factors such as operational inefficiencies, legal and regulatory compliance, reputational damage, and cyber threats.
Some of the capabilities of OpenPages in the area of non-financial risk management include:
- Operational Risk Management: OpenPages provides a centralized platform to identify, assess, and manage operational risks. It includes features such as risk assessment, loss event management, key risk indicators, control assessments, and scenario analysis.
- Compliance Management: OpenPages helps organizations to comply with legal and regulatory requirements through features such as regulatory change management, policy management, compliance assessments, and issue management.
- Third-Party Risk Management: OpenPages enables organizations to manage risks associated with third-party vendors and suppliers through features such as vendor risk assessments, contract management, and due diligence.
- Cybersecurity Risk Management: OpenPages helps organizations to manage cybersecurity risks through features such as security assessments, vulnerability management, and incident response planning.
- Reputation Risk Management: OpenPages allows organizations to manage risks to their reputation through features such as social media monitoring, crisis management planning, and stakeholder engagement.
Overall, OpenPages provides a comprehensive solution for organizations to manage non-financial risks and comply with various regulatory requirements.
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 of 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 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 lead/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
