Key Risk Indicators (KRI) are a core feature of Optial’s Operational Risk Software. KRI's provide an early-warning system to identify potential costly operational hazards including fraud, legal and technology risks. The use of Key Risk Indicators is one of the BIS recommendations for Sound Operational Risk Management, and thus an essential component of Basel II and Sarbanes-Oxley laws.
Operational Risk
Using Optial Operational Risk Software all Key Risk Indicator reporting is seamlessly implemented into your overall risk management system. All KRIs are freely definable and there is no limit on the number or type of Key Risk Indicators (KRI'S) that can be set up.
By using Optial software for your KPI reporting you can:
- Set agreed 'warning lights' allowing you to pick up early indicators of trouble
- See how well or badly you are doing compared to the industry norms
- Manage potentially costly hazards including fraud, legal and technology risks.
Optial Solutions
The Optial Operational Risk Management system is both balanced and robust and is designed to deliver optimum results. Organisations can take advantage of the integrated approach to reduce the time required for reconciliation or other cross-checking requirements. Along with a flexible and adaptable software, the system enables automatic KRI's to be held implicitly in scoresheets, Optial can set up automatic generated KRI values at desired intervals.
Alternatively, if underlying information is located in external, typically transaction-based systems, Optial can link to those systems via standardised feeds to gather the required information. Authorised persons can enter the KRI values directly into Optial.
Optial Reporting
Since KRIs can generate large amounts of data, reporting is particularly important. Optial provides standard lists of KRI values which are augmented by standard reports. Multiple aggregation methods are offered. During implementation we work with you to identify and set up the most efficent and effective reporting for your needs. Advanced reporting and analysis is available in the integrated Optial Business Intelligence (OBI) module.
If you would like further information on Optial Products or services email: request@optial.com or telephone: +44 (0) 207 247 7673.