Aside from credit, market and liquidity risk management, operational risk management is one of the key disciplines for managing risks – especially in banks and financial institutions. EU regulations mandate that these institutions adequately manage and mitigate operational risks.
Enabling BIA usage: Allow the institution to follow BIA, a more favorable approach to calculate required minimum capital.
Identifying potential savings: Save costs by reducing losses caused by operational events.
Determining the need for optimization: Identify areas of improvement for overall risk management and internal control procedures.
Our operational risk management software BIC enables organizations to build a future-proof, efficient management system to steer operational risks. This brings several advantages:
- Profit from an easy-to-use interface to administer operational risks on all organizational levels.
- Identify and classify risks and losses in a standardized approach to enforce consistent quality throughout the process.
- Work effectively with all process contributors in a structured, workflow-driven approach.
Boost overall efficiency by integrating different contributors across the institution (e.g., allowing all employees to record loss events).