Operational risk management is the process of identifying, assessing, and mitigating the risks associated with an organization’s operations. Operational risks are those risks that arise from the day-to-day functioning of an organization, including people, processes, systems, and external events.
The goal of operational risk management is to help organizations identify and understand the risks that they face, assess the potential impact of those risks, and implement strategies to manage or mitigate them. This may involve implementing controls, procedures, and other risk management measures to reduce the likelihood or severity of risks, or developing contingency plans to address risks that cannot be fully avoided.
Effective operational risk management can help organizations improve their overall performance by reducing the likelihood and impact of unexpected events, minimizing losses, and enhancing the organization’s ability to adapt to changes in its environment. It is an important aspect of risk management for any organization, and is often a regulatory requirement in certain industries, such as financial services.
IBM OpenPages platform Operational Risk Management provides a range of features and capabilities to help organization’s manage operational risks, including:
- Risk assessment: The software provides tools for identifying and assessing risks across the enterprise, including the ability to conduct scenario-based risk assessments.
- Risk register: The software enables organizations to establish a central repository for managing operational risks, including the ability to track risks, assess their impact, and monitor risk mitigation activities.
- Risk reporting: The software provides a range of reporting and dashboard features to help organizations monitor and report on operational risks, including the ability to create custom reports and visualizations.
- Compliance management: The software enables organizations to define and manage compliance policies and procedures, track compliance activities, and monitor compliance risk.
- Audit management: The software provides tools for managing audit activities and tracking audit findings, including the ability to manage corrective actions and track their progress.
Overall, IBM OpenPages platform Operational Risk Management provides a comprehensive solution for managing operational risks across the enterprise, helping organizations to identify and mitigate risks, ensure compliance, and improve their risk management practices.
How can IBM OpenPages GRC help – features and benefits of ORM module
IBM OpenPages GRC ORM module provides a number of specific features and benefits that can help organization’s effectively manage their operational risks. Here are some of the key features and benefits of OpenPages ORM:
- Risk Identification: IBM OpenPages platform ORM provides a centralized repository for collecting, storing, and analyzing risk data, allowing users to identify potential risks more effectively. It also supports the integration of data from multiple sources, including internal and external data sources.
- Risk Assessment: IBM OpenPages platform ORM allows users to assess risks using a range of different methods, such as risk heat maps, risk registers, and risk scoring. It also enables users to evaluate risks across multiple dimensions, such as financial impact, reputation risk, and regulatory compliance.
- Control Frameworks: IBM OpenPages platform ORM enables users to define and implement control frameworks, including controls testing and issue management. It provides a streamlined process for creating and monitoring controls, which can help organization’s identify and remediate gaps in their control environment.
- Reporting and Analytics: IBM OpenPages platform ORM offers powerful reporting and analytics capabilities, allowing users to generate custom reports and dashboards. It provides real-time insights into an organization’s risk landscape, helping stakeholders make informed decisions.
- Collaboration: IBM OpenPages platform ORM enables collaboration across different teams and functions within an organization. It provides a centralized platform for managing risk data, which helps ensure consistency and accuracy in risk reporting.
Overall, IBM OpenPages platform ORM provides a comprehensive solution for managing operational risk that can help organization’s improve their risk management practices, enhance their risk reporting capabilities, and drive better business outcomes.
OpenPages capability in the area of Operational Risk Management
OpenPages is a software platform developed by IBM that provides integrated risk management solutions, including operational risk management (ORM) capabilities. OpenPages’ ORM module helps organizations identify, assess, monitor, and mitigate operational risks, such as process failures, human errors, and external events.
Some of the key capabilities of OpenPages in the area of operational risk management include:
- Risk assessment: OpenPages’ ORM module provides tools to identify and assess operational risks across the organization. The platform helps organizations to develop risk and control self-assessments, risk libraries, and risk heat maps to identify and prioritize operational risks.
- Risk monitoring: OpenPages provides a centralized platform for monitoring operational risks in real-time. The platform helps organizations to track risk events, assess the impact of the events, and monitor risk controls to prevent or reduce the likelihood of future events.
- Risk mitigation: OpenPages provides tools to develop and implement risk mitigation strategies. The platform helps organizations to identify the most effective controls and risk treatment options to reduce the likelihood and impact of operational risks.
- Reporting and analytics: OpenPages provides a range of reporting and analytics tools to help organizations track and analyze their operational risk management efforts. The platform provides customizable dashboards, reports, and metrics to monitor the effectiveness of risk controls and to identify areas for improvement.
- Integration: OpenPages can integrate with other enterprise risk management systems, such as compliance management, audit management, and business continuity management, to provide a more comprehensive risk management solution.
Overall, OpenPages provides a robust and integrated solution for operational risk management that can help organizations identify, assess, monitor, and mitigate operational risks more effectively.
About us:
We are TimusConsulting 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
