OpenPages to Support RiskBusiness and RMA Framework; RiskBusiness to Provide Strategic Consulting Services to OpenPages Customers
Waltham, Mass. – November 29, 2005 – OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, today announced that it has licensed the RiskBusiness Framework and KRIeX Software Development Kit from RiskBusiness and the Risk Management Association (RMA). Combined with OPtimum ORM, OpenPages’ software solution for Operational Risk
Management, the RiskBusiness Framework and KRIeX will provide OpenPages customers with an integrated environment for reducing enterprise-wide operational risk.
As part of the agreement, OpenPages will support the multi-dimensional RiskBusiness Framework within OPtimum ORM, where it can be used to correlate exposure measurement and to manage loss data, risk and control assessments and key risk indicators (KRIs). In addition, OpenPages will provide customers with
a sample set of KRIs from KRIeX.org, RMA’s online library of key risk indicators, KRI benchmark data and consolidated industry risk profiles. With OpenPages support for RMA’s KRI specification, KRIeX.org subscribers can search and download up to 2,000 KRIs from the RMA library directly into OPtimum ORM. Further, subscribers can upload their risk profiles or KRI values to KRIeX.org for benchmarking versus industry data.
In addition to technology integration, RiskBusiness will provide strategic consulting services to OpenPages customers, assisting in the design and deployment of risk management best practices.
"Providing an operational risk management framework and access to a library of key risk indicators is invaluable to organizations’ operational risk management initiatives," said Peter Emerson, vice president of product management at OpenPages. "In addition to helping our customers jump-start their risk management programs, our partnership with RiskBusiness and RMA will ensure the completeness of their
"Many of the world’s largest organizations rely on OpenPages for governance, risk and compliance management," said Jonathan Davies, Managing Director of RiskBusiness. "By adding the RiskBusiness multi-dimensional model to its operational risk management solution, OpenPages further enhances its capabilities to enable its customers to better identify where risk could occur throughout the corporation, allowing management to develop timely tactics in mitigating those risks."
OpenPages OPtimum ORM is an enterprise risk management solution that enables organizations to identify, analyze and manage operational risk on an integrated, company-wide basis. OPtimum ORM reduces the time and resource costs associated with managing risk throughout the enterprise, enabling risk
managers to effectively prepare for future uncertainties and the associated risks and opportunities for the company.