As the regulatory environment tightens, Asset Managers are coming under increasing pressure both from investors and regulators. Proper controls need to be in place to monitor the operational risks involving people, processes and systems.
The key categories of risk, with typical examples, Asset Managers must address are:
- Regulatory – breach of investment restrictions
- Operational & System – security & privacy breakdowns
- HR – critical knowledge loss
- Financial – material mis-representation of corporate resources
- Legal – inappropriate document management
- Strategic – reputational harm.
It is essential that these risks and their controls are managed within a robust risk management framework to assure compliance. Optial provides a robust Risk Management framework which incorporates the full spectrum of operational risk, Governance Risk and Compliance (GRC) and audit activities to support Asset Managers in their government and management requirements.
Optial provides support for:
- Loss events - record, monitor, report and analyse trends
- Key risks - measure, track, manage and report all key risk
- Controls - assess effectiveness, record breaches, create actions
- Risk & Control Self Assessments (RCSA) – measure effectiveness of risk mitigation and associated controls
- Risk Scenario Templates - to determine impacts and mitigations for risk scenarios
- Quantitatvie modelling - for a variety of loss dsitrubtion and other modelling options
- Audits - automatic generation and distribution of audits, record audit findings, create actions, monitor and track progress
- Business Continuity Management - Continuity and recovery plans and buisiness impact assessments
- Business Intelligence - for KPIs and Performance Management and other advanced reporting and data analytics
- Data - collection of quality and consistent data for all reporting purposes.
Optial is underpinned by comprehensive workflow and action management capabilities to ensure that individuals complete their tasks in a timely manner. An Optial OLAP reporting tool provides sophisticated on-line and off-line management reports with drill-down capabilities to the underlying data. Added to this, Optial's highly configurable nature means that organisations can be up and running very quickly.