Operational Risk Management

Drive Growth in your Business with CAREweb for ORM

Organizations around the globe are consolidating their resources to manage Operational Risks encountered in day-to-day activities that often result from the failure of people, improper processes, failed systems, or external events. However, corporate-specific challenges make managing risks difficult and inefficient.

CAREweb for Operational Risk Management (ORM) synergizes technology with proven methodologies to enable organizations to specifically identify, assess, monitor, and mitigate risks while using resources efficiently. The result; an efficient organization focused on the goals with the assurance of adequate protection.


Key Feature Highlights of CAREweb for ORM:

  • Risk/ Control Identification and Assessment.
  • Efficient Risk and Control mapping using many-to-many Matrix.
  • Ability to map risks with business processes and products.
  • Supports the implementation of Control and Risk Self Assessment (CRSA).
  • Complete event tracking.
  • “Monte-Carlo” approach to predicting future losses.
  • Fully integrated Internal Audit Module for Risk-Based audit methodology.
  • Continuous Automated Monitoring of KRIs relating to key risks.
  • Enhanced reporting with concise graphical output.
  • Support for multiple currencies.
  • Multi-lingual interface and reporting.
  • Allows Complete Scenario analysis.
  • Targeted reporting for regulatory requirements and bodies such as SOX & BASEL.

CAREweb provides numerous powerful tools like dashboards, automated email alerts, notifications, reports, and charts exclusively designed to meet the requirements of Senior Management, the board, and regulators.


Why is ORM Software Essential for Leaders?

Perceptions and behaviours towards risk are changing and so is the perception towards ORM. ORM is acquiring renewed credibility as a roadmap to add value to businesses. It is also garnering new attention from regulators and key stakeholders. Financial Institutions in general and especially the banking sector are vulnerable to operational risks resulting from sophisticated financial technology and also operational risks ranging from internal and external fraud to dealer errors, operations failures, staff errors or omissions, and legal compensation claims.

It is critical that management teams are properly informed about the operational risks in their businesses so they can make informed decisions about where to invest in risk mitigation techniques and improved controls. Also, the revised accord by the BASEL Committee for Banking Supervision requires banks to set aside regulatory capital for Operational Risk. Therefore, robust ORM software can help banks achieve organizational objectives and deliver superior performance. Apart from that, insurance companies, healthcare institutions, manufacturing units, and government organizations also require the guidance of an efficient ORM system.


What does our ORM Application do For You?

CAREweb™️ platform features several modules that make GRC effortless:

Control and Risk Self Assessment (CRSA) Module:

Using this module, managers can have full responsibility for risks and controls identification, assessment & monitoring within their sphere of responsibility as well as participating in the control evaluation process.

Corporate Governance Module:

Generates a suite of standard reports and charts to senior management and the Board on the status of risks and controls for the organization as a whole; in accordance with BASEL II Operational Risk Management requirements.

Event Tracking Module:

Allows for Full “event capture” functionality along with Risk Prediction Capability; this latter point not only allows banks to comply with BASEL II, but it also allows any organization to set up a process of Internal Capital Adequacy monitoring.

Data can be modeled to produce clear concise graphical output.

Loss Prediction Module:

It uses the loss database of previous years and statistically predicts the size of future losses using the “Monte Carlo” approach. It not only allows banks to comply with BASEL II but also allows any organization to set up a process of Internal Capital Adequacy monitoring.

Composite Risk Module:

This module is designed to handle situations where an organization has a risk, at corporate level, which has the ability to significantly damage the company and is caused by several smaller risks, from elsewhere in the database, occurring at the same time.

Email Alerts Module:

Using this module, automated email alerts on identified exceptions are sent / escalated to officers at various levels in the organization. These exceptions include: compliance tests overdue, controls that are “sometimes” or “never” working, remedial Actions outstanding for more than a month, KRIs above threshold ranges etc.

Diary Module:

Assist Risk Management in following-up on the implementation of these recommendations in accordance with a pre-approved action plan.

Appetite for Risk:

Easily capture risks that exceed the organization’s predetermined appetite level.

Gap in the Control Environment:

One of the unique features offered by CAREweb is its ability to quantify the strength of a certain function’s control environment. This is referred to as the “Gap in the Control Environment”. The bigger the Gap, the weaker the Control Environment.


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