Through systematically understanding
and recording the objectives of business activity,
the risks that could prevent these objectives from
being reached, and the controls that will channel
activities and energy into the right and relevant
direction, a coherent structure for managing the
internal control framework is established.
Optial reduces the administrative burden associated
with compliance with
these guidelines and more importantly, provides
the infrastructure to obtain real business value
from their implementation.
Optial’s flexible object model is ideally suited
to supporting this kind of risk management framework.
Risks, controls and checklists are an integral
part of the Optial solution. Internal Control monitoring
can be set up to generate reminder checklists,
whether daily, weekly, monthly or quarterly. Risk-based
self-assessments can equally be generated either
by individual managers, or distributed to key business
units by the central risk group. Automatic scoring
allows comparison and benchmarking of results.
Risks can be automatically red-flagged on the basis
of freely definable combinations of impact, probability,
control effectiveness or other dropdown selections,
and these can in turn be built into Key
Risk Indicators (KRI).
Since Optial can be configured without the need
to change code, each institution can choose which
parts of the framework are to be employed. |
