Operational Risk Management Software

Corporater Operational Risk Management Software

Operational risk is a certainty for every organization. Every organization faces it. It concerns people risk, process risk, systems risk, external events risk, legal and compliance risk, and it can occur at any level or position within an organization. The challenge becomes how do you manage operational risk effectively?

Corporater Operational Risk Management software is an enterprise-grade digital tool that enables organizations to proactively identify, assess, and address operational risks across all departments and business units. The solution provides a comprehensive set of tools that enables CROs, compliance officers, and risk managers to manage risk based on risk framework of their choice – use ISO 27005, ISO 31000, COSO ERM, or a hybrid. Achieve a holistic oversight of operational risk, automate risk management processes and workflows, conduct risk assessments, monitor compliance with laws and internal policies, and generate risk and compliance reports.

Operational Risk Management for Banking & Finance

Corporater Operational Risk Management solution for banking & finance helps the financial industry to prevent and proactively manage the risk of loss resulting from inadequate or failed internal processes, people, and systems, from external events, or from non-compliance.

Take control of the siloed NFR information chaos: provide oversight, enable collaboration & awareness, ensure information integrity, consolidate risk reporting, and achieve an efficient and compliant programme. Replace your Excel sheets with a professional IT system that will help you take your prudent risk management programme to the next level, and provide your organization with the ability to tell the same story.

Corporater Operational Risk Management solution enables risk managers to:

Establish a consolidated cockpit of the financial risks
Holistically identify, analyze, evaluate, and treat non-financial risks
Establish an integrated governance, oversight, and management of policies, IT systems and information assets, compliance objectives, incidents, processes, projects, products & services, and third parties
Gain continuous, updated, and actionable insight into the complete NFR domain of the organization

Gather data effectively, efficiently, and safely from within and outside of the organization
Proactively identify and address key areas of concern
Achieve an improved awareness, accountability and culture
Demonstrate compliance to regulators

Solution Features

Access control / permissions
Alerts and notifications
Alignment with strategic initiatives, objectives, and performance goals
Audit log
Automated risk reporting
Control activities
Customizable branding
Document management
Holistic, integrated governance, management, and assurance of compliance, e.g.: Anti-Money Laundering, BASEL & Solvency, Information Security & Data Privacy
Improvement database
Incident management incl. loss/near-loss events
Integration with underlying risks and information systems
Intuitive user interface
KRI catalog
KRIs, KPIs, and other metrics

Operational risk governance in accordance with relevant compliance standards and taxonomies
Opportunity and consequence heat maps
Policy management for operational risk policies
RegTech connectors for relevant compliance frameworks
Risk analysis (including scenario analysis, correlation, and sensitivity)
Risk analysis templates (for various types of risk)
Risk appetite
Risk assessment perspectives (assert risk, process risk, external risk, operational scenarios, legal risk, a.o.)
Risk assessments of internal and external risks (qualitative and quantitative)
Risk consolidation and aggregation from internal and external data sources
Risk context
Risk Control Self-Assessment (RCSA)
Risk dashboards

Risk data upload via integration and manual input
Risk data visualization
Risk evaluation
Risk framework support (ISO 31000, COSO, ISO 27005)
Risk identification (manual user input and bulk import) based on taxonomy
Risk mitigation workflows
Risk modeling
Risk monitoring
Risk probability distribution and simulation (including Monte Carlo simulation)
Risk radar
Risk register
Risk response
Risk taxonomies
Risk treatment
Risk-bearing capability
SSO
Surveys
Version control

Solution Benefits

Achieve a holistic oversight of risk

Achieve a holistic oversight of risk with Corporater operational risk dashboards. Experience the business impact of having a shared, dynamic risk register for any type of risk — from the operational to the strategic level, and the ability to correlate the corporate risk profile, impacts, and risk maturity with business performance and strategic objectives.

Establish risk governance

Define risk areas that could pose a threat to your organization’s existence across all departments, levels, and processes. Link risks to assurance frameworks across the three lines of defense. Configure custom risk dashboards to delegate, manage, and track completion of assigned tasks and responsibilities.

Identify & assess risks

Build and maintain a centralized risk register to have a complete and current overview of your risks. Analyze, rank, and continuously quantify identified risks based on their probability of occurrence and quantitative effects (e.g., amount of loss). Corporater supports quantitative, qualitative, and semi-quantitative risk assessments.

Take action on identified risks

Don’t just monitor your risks. Take action! Choose risk avoidance, risk reduction, risk-sharing, or transfer — to minimize risk impact. Define custom risk treatment actions specific to your organization, assign risk owners, and document all decisions in a clear manner. Create task lists and track task completion. Set up automated notifications to communicate assignments, responsibilities, approval status, and overdue tasks.

Cultivate a risk-aware culture

Cultivate a risk-aware culture by communicating risk internally across your organization and to the regulatory body (i.e., Management Board). Create a standardized reporting process based on concrete responsibilities, periodicity, thresholds, and reporting formats.

Demonstrate compliance to regulators and key stakeholders

Demonstrate compliance with laws, rules, and regulations applicable to your industry to regulators and key stakeholders. Evidence that your organization has sufficient resources (people and technology) available for proactive risk management, and that roles and responsibilities are properly communicated and documented.

SaaS, on premise, or private cloud deployment
Industry-leading security for your data
Flexible configuration and customization
Rapid implementation
Ongoing support and innovation

Key Capabilities

Corporater Operational Risk Management solution comes pre-configured with best practice frameworks, templates, and functionalities needed for an effective management of operational risk.

Risk Dashboards

Create custom risk dashboards to have a complete overview of risks, their potential impact, options for risk mitigation, and more.

Risk Planning

Keep your organization prepared for the unexpected with Corporater risk planning and early risk identification.

Risk Identification

Continuously identify risks in various ways — from forms, data integrations, or user input — and record them in a centralized risk register (risk inventory).

Risk Assessments

Analyze, evaluate, and respond to your risks. Corporater supports quantitative, qualitative, and semi-quantitative risk assessments.

Risk Monitoring

Monitor identified, residual and secondary risks, take a corrective action, and measure effectiveness of your response.

Risk Reports

Generate custom risk reports and submit them through review / approval process. Include visual elements such as graphs and risk heat maps.

Risk Register

Build and maintain a centralized risk register (risk inventory) to have a complete and current overview of risks across your organization.

Incident Management

Establish and automate incident management process to minimize adverse impact on your organization. Monitor, report, and resolve incidents.

Alerts & Notifications

Create custom alerts to notify key stakeholders when a KPI moves above or below a specified threshold, when a goal is reached, or when a new issue arises.

View all key capabilities >

Ready to get started? Request your free demo today.

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