Operational Risk Management (ORM) Solutions
Operational risks are primarily managed at the departmental level. These risks often stem from the failure to uphold or implement internal processes. Suboptimal systems, adverse events, or ineffectual personnel can also generate operational risks that ultimately impact an organization’s overarching risk profile.
Implement a Standard Process to Eliminate Operational Risk
Operational risks usually arise from daily company activities, so they can be systematically addressed by implementing a continuous risk assessment process. By making each department or business unit individually responsible for assessing its own unique risk, business processes can be more effectively aligned with corporate strategy. It is easy to ensure that tactical projects do more good than harm.
Aruvio GRC System Provides Systematic Assessment of Operational Risk
Aruvio’s Operational Risk Management (ORM) solution allows organizations to document and assess risks at an operational level by defining controls, managing both internal and external audits, resolving incidents, and implementing remediation plans. The system integrates all operational data and processes, including a reusable library of risks and their corresponding controls. One central database can store results from individual assessments highlighting key risk indicators, as well as events such as losses, near misses, and problems with remediation plans. Data is readily retrievable at any time.
Control Design and Assessments:
Once key risks are identified and prioritized, Aruvio’s ORM software solution provides a flexible framework to define a set of controls to mitigate those risks. The system supports control assessments based on predefined criteria. It also provides an advanced mechanism for scoring, tabulating, and reporting the results.
Risk assessment dashboards, Individual risk weight and control diagrams can provide visibility into operational risk management by role to identify which department is leaving the organization open to the most risk.
Real Time Information:
Aruvio’s ORM software also tracks process ownership, assessment plans, and remediation status on topological charts. Reports can be customized to include any level of detail. Organizations can track incidents, problem areas, wins, and losses. They can record amounts, determine whether a specific risk was the root cause, and attribute ownership to specific risks.
Issue Management and Remediation:
Whether an issue arises during the systematic assessment process, from an actual audit, or from any other external event, the Aruvio system allows organizations to seamlessly manage and remediate issues. Automatic alerts and notifications can be implemented to contact the appropriate individual to initiate a quick investigation and determine remedial action, if needed.
Unmatched Software and Content:
Aruvio’s GRC solution provides both software and content with embedded best practices to define the scope of operational risk management processes and sub-processes. Aruvio gives organizations the right tools to develop custom control and test libraries. Other intelligent and content-driven features include access to training content from an expert community, and integration of business processes with regulatory notifications and industry alerts.