The collection of incidents across the organisation that might impact on the P&L, the organisation's reputation, or its ability to provide a quality service to its customers, is a key aspect of sound risk management. The collection and analysis of incident data provides management information which can be fed back into the operational risk management and mitigation process. Ultimately the database of incidents built up over time will also provide the basis for quantitative modelling and the calculation of capital or reserves allocation, where required.
Data quality in incident reporting has been identified as a prime industry concern. Using Optial helps people do the right thing, by providing a simple one-page form for reporting any kind of incident, including loss events, customer complaints and incidents relating to HR & Security, Health & Safety, IT, etc.
Optial includes features such as:
- tool-tip style quick help
- drop down lists contextual to the right part of the organisation
- automatic defaults and derivations
- individual Workflow needs
Typically all of this includes a risk assesment and approval process, routed via Optial's powerful workflow engine to suitable risk or business managers via their role allocation.
Optial's Solution
Optial’s flexible platform approach means that an organisation can define their own fields in the incidents database, in addition to the standard fields such as Business Lines and Event Types. Like all items within Optial, an unlimited number of additional fields can easily be defined in configuration, requiring no programming.
Built-in reporting allows you to identify trends and perform analysis, with the ability also to export to external tools such as Excel. Incidents also form the basis for automated Key Risk Indicators (KRI), including the number and value of Incidents at each business unit with aggregations up the organisational structure. Additional reporting and analysis is available in the integrated Optial Business Intelligence (OBI) module.
Incident management
Incident management is the ability to record internal events as they arise, to attribute them to the various catergories of operational risk, and to track then to closure according to a workflow which matches the organisations unique style and structure.
Using Optial organisations have the ability to:
- capture Incident data in a consistent manner to ensure data quality
- easily capture the key information at source to ensure high reporting rate of Incidents
- investigate the causal factors of Incidents
- analyse Incident data in a structured fashion
- assess the impact of Incidents and perform risk assessments
- prioritise resources and mitigation activities
- report on Incidents in a variety of formats: lists, statistics, graphical trends, forward trends, etc
- export Incident data in a variety of formats.
Incident Management in Optial is underpinned by the workflow process which determines the flow of each incident through to closure, including exception situations such as overdue items, escalations and multiple approvals.
Incidents can be linked to other items in the Optial system such as risks, controls, audit findings and other Incidents to create Main Incidents.
One or many actions can be added to each Incident, or multiple Incidents can be linked to one action, plus optional links to risks and controls. Each action undergoes an individual workflow process based on its assignment to an owner, and its status is therefore transparently tracked through to succesful closure.
If you would like further information on Optial Products or services email: request@optial.com or telephone: +44 (0) 207 247 7673.