Operational Risk Management
Operational risk management is crucial for day-to-day execution of the business. Effective operational risk management requires clear relationship between business processes and the overall control environment. A top down operational risk framework can streamline business processes by enabling business units to apply common control design to mitigate risks within the business.
SafePaaS includes operational risk for all significant business processes such as Procure-to-Pay, Record-to-Report, Hire-to-Retire, Plan-to-Build, etc. Our Risk Advisors have deep industry knowledge to help assess risks within each process and strengthen the effectiveness of controls.
SafePaaS automates the process of identifying, analyzing and managing operational risk incidents and enables process owners to rapidly respond to risk events. The ERM application can monitor risk incidents in within business applications and enterprise data to provide a central source of risk by entity, process, control, etc. This integrated approach helps improve visibility into risk exposure, reduce loss and improve business performance.
Track risk indicators and create personalized monitors for key operational controls using SafePaaS Analytics tools. In addition, operational risk dashboards can be deployed, as well as, charts and dimensional reporting into Business Intelligence application to provide insight into the state of risk across the organization. Risk Analytics can enable the business to track loss incidents and near misses, record amounts and determine root causes and ownership.