Internal Loss Data Management
The Internal Loss Data Management module provides a comprehensive solution for recording, tracking, and reporting on loss events impacting the enterprise, as well as mitigating future events to provide cost savings.
- Supports all elements of loss event capture, storage, and management
- Events captured through multiple mechanisms:
- Batch uploads (e.g. text delimited file) with support for multiple reviews and approvals prior to processing
- Automated feeder source (through a message-oriented middleware backbone or system API)
- Manual entry via OpRiskCenter's streamlined user interface
- A wide range of attributes may be captured with loss events:
- Multiple causes, impacts, and mitigating factors
- Multiple classifications (e.g., linkage to BIS and internal schemes)
- Monetary and non-monetary impacts occurring over the life of the event
- Events can be related to any number of organizational elements, related issues / action items, or KRIs
- Via the G/L Mapping sub-module, support for reconciling events with entries from your G/L or other transaction sources
- Triggering of workflows by loss data capture mechanisms, such as customized review and approval steps and threshold-based notifications
- Ability to control changes to events through a change request process with workflow-based reviews and approvals