Operational Risk | Wolters Kluwer Financial Services OneSumX
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OneSumX Operational Risk

  • Effectively Manage Operational Risk

    Of all the different types of risks financial services organizations face, operational risk can be the most devastating and at the same time, the most difficult to anticipate. Its appearance can result in sudden and dramatic reductions in the value of an organization. It cannot be managed successfully with a few spreadsheets or databases developed by an internal risk management department.

    OneSumX Operational Risk enables organizations to meet and adapt to internal operational risk practices by automating and simplifying the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments, definition and management of key risk indicators and scenarios. With this purpose built eGRC platform, organizations can:

    • Automate a very labor intensive review and assessment process for operational risk
    • Assign risk management responsibility and accountability within the business
    • Ensure a cost-effective continuous assessment of risks
    • Manage programs across the organization including audit findings, regulatory change, or other initiatives. Track execution of the various assignments towards successful execution.
    • Capture and report on losses, breaches and control failures
    • Aggregate risks to ensure that risk scores at the high levels are made up of real scores from below
    • Ensure all issues are centrally captured and managed to closure
    • Produce high quality enterprise reporting
    • Ensure consistent delivery and currency of Polices and Procedures