To stay proactively aware of the possible risks, a financial institution needs to implement a consistent approach to record, analyze and act on various events that occur across all business processes operations. Having in place a centralized repository of operation exceptions and events provided by software solutions that facilitate recording of operational risk events across organization ensures timely reporting and prompt management actions towards their mitigation.
F-Analytics OREM provides you a consolidated database accessible via a web based application to manage operational risk events before they impact the everyday operations.
F-Analytics Basel OREM offers significant benefits for the following units:
Operational Risk Department which is responsible for collecting, reporting, analyzing and consolidating the operational risk events across the organization. They can access at any time various reports (even those with historical data) to facilitate the analysis process
Reporting units (Branches, Head Office Departments) which are responsible for reporting Operational Risk events. The solution provides convenient and easy-to-use templates which facilitate the reporting process.
Accounting Department which is responsible for booking operational losses. They can access various analytical reports to help the booking process and allocate the losses to the responsible departments
Benefits of implementing F-Analytics OREM:
Reduction of time spent by reporting entities (branches, Head Office departments);
Facilitates senior management’s decision-making process by accommodating a wide variety of reports and charts that can be built to monitor the evolution of various indicators. In addition, it serves as a one stop-shop which provides a consolidated view of the organization’s exposure to Operational Risk;
Ensures all issues of operational losses are effectively recorded in a distributed manner into a centralized database in an auditable and time trackable form;
Increases flexibility by allowing the introduction of new attributes, parameters and calculations to make possible the management and reporting of customized operational risk events;