It allows risk teams, within financial institutions, to work collaboratively to define and manage operational risk either on a transaction basis or at risk policy or other risk project level.
The workbench supports both operational risk process and content, and conforms to the Basel II guidelines for addressing operational risk management. The workbench contains a library of operational risks associated by industry sectors. Both process and content can be easily modified and configured to match specific policies and procedures within your organisation.
The Operational Risk Workbench allows an organisation to:
- provide a uniform approach to the identification of Operational Risk across groups / transaction teams and departments
- build consistent awareness of operational risk within teams and departments
- develop more effective collaboration towards risk issues, and establish cross-organisational co-operation
- increase the speed of internal policy formulation and subsequent adoption of operational risk procedures
- mitigate ad-hoc problem solving around operational risk management
- harness the organisation's operational risk knowledge and allow the organisation to focus, as one, on the methods of measuring and mitigating such risks
The workbench content is XML-based and collaborative work features include co-editing of forms and documents, IM (immediate messaging (text and audio)), encrypted content isstored both locally on the workbench pc and when synchronising with others in the team via a LAN, WAN or via the internet.