Waltham, MA â February 7, 2005 â CXO Systems, a leader in real-time risk visibility dashboard software, today announced that it has developed an Enterprise Risk Management (ERM) dashboard. The company worked with James Lam, author and expert on risk management, and a consultant to CXO Systems to assist in the development of the dashboard solution.
Corporations face increased regulations, laws and other compliance requirements, and need to manage risk and monitor its impact across the organization. In the past, companies have developed mechanisms to manage risk in key areas, including: Credit Risk; Market Risk; Operational Risk; and Business Risk, but only in self-contained silos. Creating an optimal risk portfolio can only be done by managing risk aggregations and interdependencies. Companies must be able to measure and monitor key risk indicators in right-time.
As stated in the GartnerG2 Research report "Operational Risk Management, Metrics and Methodology", published by D.McKibben, et al; "Most vendors in the risk management market target specific risk categories or subcategories. Many also address specific processes, such as trend detection, event detection and notification, and reporting. However, executives are increasingly taking a more holistic approach to risk management. That leads them to seek tools with functionality, extensibility and scalability to handle multiple risk categories and processes, putting a premium on open interfaces that let software applications be integrated into a larger risk management framework."
CXO Systemsâ new ERM Dashboard helps enterprises cost-efficiently create risk transparency, set standards, and maximize risk-adjusted return across the enterprise through an integrated view of risk exposures and Key Risk Indicators (KRIs). CXO Systems meets the needs of enterprises by aggregating data across internal and external sources, assimilating that data into information, and applying advanced risk communication and reporting capabilities. With a single view, executives can now ensure regulatory compliance and improve business and risk performance - responding in right-time.
"In light of Sarbanes-Oxley, Basel II, and other regulatory requirements, the need for an ERM dashboard solution has never been greater," said James Lam. "I am very excited about working with CXO Systems in bringing a best-in-class solution to our clients. The early market feedback and client acceptance have been exceptional."
Mr. Lam has 20 years experience in risk and business management and is considered one of the foremost visionaries in his field. His book "Enterprise Risk Management" is a top ten best seller. He is the founder and president of James Lam & Associates, a leading risk management consultancy with clients that include The World Bank, Citigroup Smith Barney, Allied Capital, First Data, Risk Management Association, Federal Home Loan Bank of Chicago and GMAC. Mr. Lam previously served as chief risk officer of Fidelity Investments, the largest mutual fund company in the world with $700 billion in assets under management.
"James brings deep insight to CXO Systems and his partnership ensures that we were able to develop an ERM dashboard that meets the most critical requirements of those responsible for managing risk in todayâs corporationsâ the CRO, the CFO, and the CIO," said Malcolm Frank, CEO of CXO Systems. "With the delivery of this solution, CXO Systems is first to market with a dashboard that enables companies to manage aggregate risks."