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Build a cohesive risk-aware culture by standardizing risk terminologies, facilitating incident reporting, and automating workflows. Implement real-time monitoring and anticipate potential operational risks with straightforward analytics.
Build a cohesive, risk-aware culture by promoting a common understanding of how risks are identified, assessed, mitigated, and even discussed within the organization. Ensure alignment across all levels by promoting the common risk language to minimize misinterpretation and improve the overall operational risk management framework.
Enable workers to report incidents promptly and document key details in a structured format that allows for immediate response and further analysis. Create accountability within the organization by tracking incident resolution progress and facilitating scheduled audits.
Implement efficient workflows for streamlined, proactive risk mitigation. Reduce human error and improve response time by triggering actions, from alerts to task assignments and follow-up processes. Ensure no risks fall through the cracks, boost efficiency, and maintain continuous vigilance.
Smoothen the process for risk managers to access, update, and analyze risk information without searching through multiple systems and wasting time. Improve transparency while maintaining security by implementing role-based access to allow relevant stakeholders to see the organization’s entire operational risk landscape.
“You’ve just tick-boxed something, but there was no effective way to assign corrective action. There’s been no significant change. We had quite good incident management and monitoring systems, so we could report on trends or incidents as they happened. But we couldn’t follow that up with a good auditing tool. We couldn’t say, ‘Hey, that happened, let’s take some action on the ground.’”
Operational Risk Management (ORM) refers to the systematic approach organizations use to identify, assess, and mitigate risks within their day-to-day operations. These risks stem from various internal and external factors like processes, systems, human errors, and unforeseen events. As part of integrated risk management, ORM strategies safeguard business continuity, ensure regulatory compliance, and enhance decision-making by managing risks in a structured way.
The three pillars of operational risk management are risk identification, risk assessment, and risk mitigation. Identification involves spotting potential risks within organizational processes. On the other hand, assessment prioritizes these risks based on impact. And lastly, mitigation focuses on implementing control measures. Together, these pillars help organizations maintain effective risk oversight and respond proactively to potential operational challenges.
Yes, ORM software is highly customizable to align with an organization’s unique operational requirements and risk tolerance levels. Customization options include configuring risk criteria, setting role-based access controls, and defining workflow automation for risk assessment and reporting. This flexibility ensures the software meets industry-specific regulatory requirements and organizational goals for effective risk management.
Yes, it’s designed to support multiple users, enabling cross-functional teams to access, contribute, and track risk management activities. Role-based access permissions ensure users see only relevant information, promoting security and fostering collaboration. This multi-user functionality is essential for coordinating risk management across departments, leading to a more comprehensive risk oversight.
Operational risk management software offers powerful analytics and reporting capabilities, including customizable dashboards, real-time heat maps, and scenario analysis. These tools provide data-driven insights that help organizations make informed decisions, monitor trends, and evaluate risk mitigation strategies. Advanced reporting capabilities support regulatory compliance and strategic planning by delivering detailed, actionable risk information to stakeholders.
