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Why ?

Every year companies losses billions of $ due to operation risks. As per Trade finance Global 2021, 85,585 operational risk submitted a loss of totaling $20.3 Billion in gross losses. Regulatory changes can introduces legal and administrative attracts fines/penalties costly for businesses.

How ?

Risk Central helps to bridge Risk Management more strategically to value driven performance across organization. Risk Central can define and manage the risks that impact the organizational performance in real time. It periodically measure the inherent and residual risks, evaluate the control of the risks, and carry out self assessment. The advanced analytical engine of Risk Central couple with heatmap will represent the dynamic risk score and health index provide meaningful insights for the decision making. KPI, KCI, and KRI is allowed to execute business strategy. Also, it track the business operationalization of business strategy and timely information for cost correction. This bring risk more measurable and tangible to help to know the how exactly business effects and impact on performance of the strategic goals. The APIs of Risk Central can integrate with third party systems seamlessly to present unified data dynamic risk reporting and analysis. It can be deployed on premises or cloud. It’s a performance driven Risk Management.

Solution

Operational Risk Management
Risk Central’s Operational Risk Management (ORM) application is built for today’s organizations Ops Risk, GRC and ERM needs and more. It supports Top-Down Strategic Operational Risks managed at Enterprise and Business Levels. Bottom-Up Process Operational Risks can be defined and managed at Execution Level. Process Criticality can be used as an input to calculate risk scores and Action Plans can be raised
Risk Based Performance Management
Risk Central can be used to define organizational strategic objectives and supports the balanced scorecard. Business performance and risks can be tracked, and interventions made to ensure the strategic objectives of the organization are met.
Operational Resilience
The ability to prevent, respond to, recover from, and learn from operational interruptions is a key priority of operational resilience. Previously, that concept was associated with catastrophe recovery or business continuity. Operational resilience has evolved into a blend of business continuity, vendor risk management, cybersecurity, and more as a result of technological advancements and the digital transformation of corporate processes.

Solution

Incident Management
Organizations come across Incidents and Loss Events which have serious financial consequences even with all preventive measures in place. Risk Central’s Incident management solution provides consistent procedures for incident or event recording, triaging, investigating, tracking, and closure. Incidents can be linked to organizations, processes, controls, risks, policies, and regulations to identify compliance or regulatory risk. For Insurance supported recovery of losses, Incidents can be amended, and audit trailed for changes made.
Compliance Assurance
Organizations need the ability to manage various types of compliances across different policies and to overcome the lack of adherence to Regulations. Risk Central provides transparent, actionable regulatory compliance management process, Track and monitor your enterprise-level compliance status and a checklist to be up to date.
Third Party Risk Management
A simple , structured and step by step approach to vendor management. Be alerted on the possible risks and implement corrective action. Risk Central provides seamless and transparent end-to-end vendor management right from, onboarding to monitoring, periodic assessment and regular reporting

Predictive Risk analysis and appropriate controls

Highly effective business strategies created to lower the risks

Timely review of data in real time support in decision making

Reduction of cost losses due to Operational Risks