Providing Accurate And Effective Operational Risk Management
Background
The world’s largest investor record-keeping and transfer agency company was looking to increase the efficiency and accuracy of their operational risk self-certification. Although many of the activities that contribute to this process were already being managed effectively, the procedure for pulling the relevant information together into one place and getting a holistic view of their risks was often manual and time-consuming, made even more complex and difficult when attempting to get a summarised view of risk management across the business. By implementing BCS controlcentre, they have been able to standardise the way they record and report their risks across the organisation, and combine all relevant supporting information into a single system to gain an unprecedented level of context and evidence to empower their risk management.
Effective Risk Management
To provide a consistent but flexible approach to risk reporting, BCS controlcentre allows for the creation and distribution of multiple risk assessment templates, based on one or more centralised risk taxonomies which can be augmented to reflect individual organisations’ specific challenges. Distribution, scoring, and review of these templates is automated and presented in a clear and easy to use interface, with built-in reporting and dashboards to help focus attention on areas of most concern.
Supporting Information in Context
Whether taking a feed from an external system or using the functional modules within BCS controlcentre to manage incident reporting workflows and key metrics, this data is automatically assigned against the appropriate risks to provide a holistic view of the real-world risk performance, and better inform the risk assessment process.
Controls and Action Tracking
Not only can BCS controlcentre be used to link risks to their mitigating controls, but the assessment and performance of these controls can also be tracked within the system, allowing for the most accurate view of how well risks are being mitigated. Where there are issues or further actions required, these can also be distributed and monitored against the relevant items from within the system, to record and pro-actively track remediation and improvement activities.
Conclusion
By implementing BCS controlcentre, the client now has all of the information that they rely upon for managing their operational risk in a single location. Links to supporting information are clear, and ancillary processes and their impact on Risk management activities can be proven to be under control. By consolidating this information in controlcentre the client has access to incredibly detailed and relevant risk reporting instantly, with the ability to drill down from high-level dashboard views into specific examples and evidence to support their position.
