The Challenge: Implement a comprehensive solution for operational risk that not only measures op risk but also provides a foundation for reducing operational risks while lowering costs

The Solution: Operational risk management functionality built on an enterprise-wide foundation covering organizational, process, and data management functionality

Firms are rapidly adopting the view that an effective system solution for operational risk must go beyond risk assessment surveys, loss event databases, and op risk capital calculations. Operational risk exists everywhere and in every process – from human resources to front office to accounting to financial control to settlements. Thus, the demands of operational risk drive the need for a strategic enterprise view, and an enterprise-worthy system solution that can both measure and manage op risk. OpRiskCenter accomplishes this with four integrated components: 1) data collection & monitoring, 2) organizational management and accountability definition, 3) business process management, and 4) op risk measurement and reporting. The top layer is strongly supported with several key underlying components, which are essential for reducing process-related risks.

Enterprise OpRiskCenter is comprised of 4 distinct CenterSphere modules that work as one…

• Operational risk management, analytics and control
  • Control self assessment programs
  • Loss event tracking and database
  • Exposure indicator classification and reporting

• Organizational management and accountability definition
  • Define and maintain organizational reporting lines
  • Manage and define roles, staff assignments and detailed responsibilities
  • Create queries for operational risk exposure indicators by organizational and other reporting dimensions

• Business process management
  • Design and automate workflows
  • Automatically assign work items to appropriate individuals
  • Define escalation/notification rules and timing
  • Utilize workflow audit trail to identify operational risks and build risk exposure indicator metrics for operational risk database

• Data collection and monitoring
  • Software system inventory management
  • Data source definition
  • Monitoring of data feeds
  • Data transformation via message flows

However, you can also select a combination of Enterprise OpRiskCenter’s components to meet your firm’s individual needs:

• OpRiskCenter provides a targeted stand-alone op risk measurement and reporting solution
• OpRiskCenter and OrganizationCenter combine op risk measurement and reporting with organizational role and responsibility
• OpRiskCenter, OrganizationCenter, and CenterFlow further enhance your solution by monitoring and reducing op risk through process management
• OpRiskCenter, OrganizationCenter, CenterFlow, and ConnectionCenter give you the whole solution—from data collection and monitoring to process management and op risk reporting

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