RiskBusiness International Limited, the leading international operational risk advisory firm, has used the inaugural OpRisk World 2014 conference attended by some 165 delegates from around the world to announce the release of its Next Generation, SaaS-based, OpRisk IntelliSet.
The RiskBusiness OpRisk IntelliSet is a comprehensive solution for both large and small firms across all aspects of financial services and suitable for most other industries as well, offering support not just for the typical operational risk programmes usually on offer in commercial software solutions, but including enhanced support for many surrounding business requirements, ranging from litigation management, outsourcing management, business resiliency management, risk appetite management and control, internal audits, compliance to process and control documentation and management.
Built on strong data encryption technologies supported by multi-level user access rights provision and control, the firm can decide exactly whom gets access to what and when, supported by audit trails, alerts and second stage authorisation activities.
“Since we launched the first components of our first generation offering under the label of the OpRisk Toolset back in 2005, we have focussed on adding two main ingredients to the solution” said Mike Finlay, CEO at RiskBusiness International, “namely functionality and content. Our ready to use content now covers some 12 different classification taxonomies, over 400 detailed scenarios and more than 4,000 detailed Key Risk Indicator (KRI) specifications, while our regulations library continues to grow. With recent exciting changes in delivery technology, our Gen2 offering, the RiskBusiness OpRisk IntelliSet, allows the user to create the look and feel they want, placing different functional areas into groups on pages of their choice, as well as supporting touch screen capability and enhanced reporting. With more than 220 existing users geographically spread across the world and supporting over 250,000 individual KRI data submissions, 660,000 loss events, 3,750 scenario assessments, 2,500 risk assessments and 1,500 risk profiles for its subscribers, the RiskBusiness OpRisk IntelliSet is an industrial grade tried and tested solution to any firms operational risk management needs”.
“In today’s constantly evolving and ever more risky world, operational risk managers, business managers and executives have a need for proactive decision making, based on real-time intelligence on the constantly changing threats they are facing”, continued Finlay. “They need data from a multitude of sources, such as internal loss events, public news, events affecting their peers, risk assessments, changing regulations, incomplete remedial actions to name just a few, which can be aggregated using standard classification hierarchies across the organisation structure whenever they want it, coupled to summarised data into which deep-dives can be undertaken. But in addition, they also need the support of aggregation structures they have designed and which work in the background, testing against limits and risk appetite thresholds, then delivering timely alerts via SMS, e-mail and other delivery mechanisms”.
The Gen2 RiskBusiness OpRisk IntelliSet was also unveiled to more than 60 delegates representing existing RiskBusiness clients at the annual RiskBusiness Client Conference, held immediately after OpRisk World 2014 at the same venue in Amsterdam, the Netherlands. The RiskBusiness OpRisk IntelliSet is available either as software-as-a-solution in a hosted multi-tenanted database or as a standalone in-house implementation.