Operational Loss Data Management

Establish a central system to capture loss data, including internal losses, external losses, and near misses, at various organizational levels and roll it up to the corporate level to generate the overall loss profile. Categorize loss type based on pre-defined criteria and severity level. Correlate the current loss data with the past data for quick analysis and remedial actions. Consolidate data from various loss events and link it to risks, processes, controls, etc. for deeper loss analysis and reporting.

Enable a risk-aware organization with an intuitive, simple, and centralized system across the organization to log a loss or risk event such as fraud or other unethical activities anonymously and minimize losses by acting on it early and efficiently. Facilitate a consistent process to investigate the loss event and take corrective and preventive action with predefined workflows.

Leverage built-in statistical and trend-analysis capabilities, combined with reporting capabilities, for analyzing trends and representing operational risks in monetary terms. Plot trends related to loss events, recurring problems, and root causes, all leading to effective case investigation and resolution. Simulation techniques help transform range-based estimates into more accurate values enabling risks teams to take better risk-informed decisions.

Automatically trigger and route loss events for review and analysis to authorized users based on predefined rules for review, approval, and disposition. Enable well-defined processes for loss evaluation, investigation, tracking, and complete root-cause analysis to drive appropriate remedial actions.

Receive automated alerts and notifications triggered based on predefined review and approval workflows for initiating issues and remedial actions to contain the impact of the issue and conduct failure investigation to identify the root cause.

Enhance enterprise-wide visibility into the operational loss data and quickly identify high-priority losses, near misses, and related information with executive dashboards and flexible reports with drill-down capabilities. Map trends quarter to quarter and year to year with analytics to spot trends and recurring problems and resolve them swiftly.