Drive Growth with Comprehensive Operational Risk Management
You can confidently and proactively manage risks, enhance compliance, and safeguard your operations with Gieom’s ORM solutions, giving you the peace of mind to focus on what matters most for your organization’s success.
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The What and Why of Operational Risk Management (ORM)
Operational risk management is the process of identifying, assessing, and mitigating potential threats. Key aspects include maintaining a risk library and a control library, conducting risk and control assessments, and performing control testing. Risk assessments evaluate the likelihood and impact of threats, while control testing verifies the effectiveness of implemented safeguards. Effective Operational risk management is essential for ensuring data security, business continuity, and compliance with regulations, ultimately safeguarding the organization’s operations and reputation.
Why Choose Us?
Centralized repository of risks & controls.
Customizable scoring models tailored to organizational needs.
Automated workflows to enhance efficiency in risk remediation.
Customizable dashboards for real-time, visual insights into key risk metrics.
Bulk upload capabilities to easily import large volumes of data.
Comprehensive risk management linking risks to KRIs for effective risk management.
Configurable forms to capture and document risk and control assessments.
Action Center to track and manage the progress of risk mitigation activities.
Solution Components
Risk Library
Risk Library
A repository of known and potential operational risks faced by organizations.
Control Library
Control Library
A collection of controls and best practices to mitigate identified risks.
Risk Scoring Model
Risk Scoring Model
A framework for quantifying the likelihood and impact of identified risks.
Control Scoring Model
Control Scoring Model
A method to evaluate the effectiveness and efficiency of implemented controls.
Risk Register
Risk Register
A centralized repository for documenting and tracking identified risks, their associated controls, and mitigation plans.
Control Testing
Control Testing
The process of verifying the effectiveness and operational efficiency of implemented controls.
Action Center
Action Center
A platform for managing and tracking the progress of risk mitigation and remediation activities.
Dashboard Designer
Dashboard Designer
A tool to create customized dashboards for visualizing and monitoring key risks.
Configurable Forms
Configurable Forms
Customizable templates for collecting and documenting risk assessment data, control assessments, and other relevant information.
Key Risk Indicator
Key Risk Indicator
KRIs can be defined for each risk in the risk repository, providing a holistic view of overall risk exposure.
Key Features
It is a centralized repository for managing all identified risks and implemented controls within an organization. The Risk Library enables the creation of risks at various levels (Enterprise, Business, Execution) and have import/export capabilities in Excel format. It allows for risk classification and assignment. The Control Library facilitates the creation of controls linked to specific risks or regulatory frameworks (ISO 27001 or NIST), with similar import/export capabilities.
Risk register is where the user can link controls, business process, policy and IT asset to the risk. The user can also perform the assessment of the risk & controls on the same screen by selecting the score for Inherent, Residual & Target ratings and send the assessment for review.
Scoring models in a risk management system allow the definition of risk and control scoring models to assess and prioritize risks. These models assign numerical values based on factors like likelihood, impact, and effectiveness, enabling better risk prioritization, informed decision-making, and effective mitigation strategies to minimize organizational threats.
A Key Risk Indicator (KRI) can be defined for each risk in the risk library to enable proactive risk monitoring. Users can also set threshold limits to identify breaches and configure notification rules to trigger appropriate actions when breaches occur, ensuring timely responses and effective risk management across the organization.
The Dashboard Designer is a tool within a risk management system that allows users to create customized dashboards. These dashboards visually represent key risk metrics, such as the number of open risks, risk heat maps, control effectiveness scores, and the status of risk treatment activities. Dashboards provide a quick and easy way to monitor the overall risk landscape and identify areas of concern.
Frequently Asked Questions
How does the system track and manage remediation actions?
The system tracks and manages remediation actions through an Action Center, where progress is monitored, and tasks are assigned to responsible individuals. It enables real-time updates, ensuring transparency and accountability throughout the mitigation process, and provides alerts for pending or overdue actions.
Can the system be customized to match our organization's scoring models?
Yes, the system allows for customization of risk and control scoring models. You can define scoring criteria based on your organization’s unique requirements, such as likelihood, impact, and control effectiveness. This ensures that the system aligns with your specific risk assessment and mitigation strategies.
Does the system include a centralized Risk and Control Library?
Yes, the system includes a centralized Risk and Control Library that consolidates all identified risks and implemented controls. It provides an organized view for risk classification, control creation, and linkage to specific risks or regulatory frameworks like ISO 27001 or NIST.
Can we bulk upload our risks and controls?
Yes, the system supports bulk uploading of risks and controls using Excel templates. This feature streamlines the process of adding large volumes of data, ensuring efficiency and consistency while minimizing manual data entry errors.
Can we configure different fields from what is currently in the system?
Yes, the system allows for field customization. You can modify existing fields or add new ones to better capture specific data required by your organization. This flexibility enables you to tailor the system to your unique risk management processes.
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