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Optial Solutions - SmartStart for Operational Risk |
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| What is SmartStart for Operational Risk? |
The SmartStart for OpRisk approach to implementation offers firms a pre-defined operational risk framework delivered as part of the Optial operational risk platform. By using this standardised pre-configured solution, firms are able to take advantage of industry best practice, as well as having a system live and running in a matter of a few weeks.
The functional scope of Optial SmartStart covers the management of operational risk using a series of workflow-enabled modules: |
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SmartStart Operational Risk module overview |
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| Who should use it? |
SmartStart for OpRisk is aimed at firms that require a rapid installation and cost effective solution for Operational Risk Management and Compliance, using a methodology that has already been proven in multiple client implementations. As the CMI survey commissioned by Optial found, many firms still rely heavily on spreadsheets for compliance control and reporting. The Optial SmartStart for OpRisk solution provides a cost effective, robust platform that is ready to meet Basel II data capture requirements, right out of the box. The solution reduces the overhead of manual data collection and provides a consolidated view of risk across the organisation. Optial SmartStart for OpRisk is also flexible enough to meet future expansion and changes to regulatory requirements through straightforward amendments to the configuration.
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| What does it include? |
| The Optial SmartStart for OpRisk implementation leverages best practice and a modularised approach to operational risk and compliance management. Clients are able to create a solution based on the four pillars of: Incidents, Risk, Compliance and Audit, knowing that the flexible system design of Optial can accommodate their configuration quickly and accurately, without any expensive changes to the source code base.
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| Benefits |
- Enables rapid deployment of a structured system
- Provides an integrated risk and compliance focus in a single, unified, scalable solution
- Drives accountability and visibility through the embedded workflow engine, audit trail and powerful real time reporting
- Reduces costs and manual overhead associated with internal control processes
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