Loss Event Manager
Loss Event Manager
An essential component of the operational risk framework is the ability to record internal loss events as they arise, to attribute them to the various categories of operational risk, and to track them to closure according to a workflow which matches the organization’s unique business processes.
From a regulatory viewpoint, a loss database is expected to be comprehensive and contain several years’ worth of data before it can be approved for use in the risk estimation process.
The systematic capture of clean and comprehensive data on losses is one of the single most important aims of an operational risk management solution, since the variety of management information that can subsequently be produced is very significant. Capturing losses is a prerequisite to measuring them, and thus to answering management questions such as ‘Which products produce the highest number of losses?’, ‘Which processes are most error-prone?’, ‘Where do the losses fail to match the expected risk profile?’
What the system can do for you
The Loss Event Manager module allows for the following:
- Tracking of losses and near misses.
- Add Loss categorisations, impact assessments, prioritisations and cause analysis.
- Underpinned by the workflow process for approval and tracking to closure.
- Access controlled secure system with respect to confidential loss data.
- Multiple currencies are supported, with automatic currency translation into local and group currency equivalents.
Software
Our GRC Software Systems encompass the following areas:
Enterprise Risk Management
"Innovating enterprise-wide risk solutions to empower strategic decision-making and enhance organizational resilience."
Operational Risk Management
"Streamlining operational risk processes with innovative tools to mitigate threats and enhance business efficiency."
Business Continuity Management
"Driving business continuity through innovative strategies that ensure operational resilience and swift recovery."
Compliance Management
"Transforming compliance management with innovative solutions that ensure adherence to evolving regulatory landscapes."
Incident Management
"Innovating incident response with streamlined processes for faster, more effective resolution and risk mitigation."
E-Learning Management
"Empowering knowledge growth with innovative e-learning solutions designed for seamless corporate training and development."
Whistleblowing Outsourcing
"Enhancing transparency and trust with innovative whistleblowing platforms for secure, confidential reporting."
Any Queries?
For any inquiries or to learn more about how Axcelasia Group can support your business, feel free to reach out to us.
Call us at 03 2028 7450 or email us at hello@axcelasia.com. Our team is ready to assist you with all your Governance, Risk, and Compliance needs.