RiskBusiness International Limited, the leading international operational risk advisory firm, today 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 acomprehensive solution for both large and small firms across all aspects of financial services and suitablefor most other industries as well, offering support not just for the typical operational risk programmes usually on offer in commercial software solutions, butincluding enhanced support for many surrounding business requirements, ranging from litigation management, outsourcing management, business resiliency management, risk appetite managementand control, internal audits, compliance to processand 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 theOpRisk 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 readyto use content now covers some 12 different classification taxonomies, over 400 detailed scenariosand more than 4,000 detailed Key Risk Indicator (KRI) specifications, while our regulations librarycontinues to grow.
With recent exciting changes in delivery technology, our Gen2 offering, theRiskBusiness OpRisk IntelliSet, allows the user to create the look and feel they want, placingdifferent functional areas into groups on pages of their choice, as well as supporting touch screencapability and enhanced reporting.
With more than 220 existing users geographically spreadacross the world and supporting over 250,000 individual KRI data submissions, 660,000 lossevents, 3,750 scenario assessments, 2,500 risk assessments and 1,500 risk profiles for itssubscribers, the RiskBusiness OpRisk IntellliSet is an industrial grade tried and tested solution toany firms operational risk management needs”.
“In today’s constantly evolving and ever more risky world, operational risk managers, businessmanagers and executives have a need for proactive decision making, based on real-timeintelligence on the constantly changing threats they are facing”, continued Finlay. “They need datafrom 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 canbe aggregated using standard classification hierarchies across the organisation structure wheneverthey 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 thebackground, testing against limits and risk appetite thresholds, then delivering timely alerts viaSMS, e-mail and other delivery mechanisms”.
The Gen2 RiskBusiness OpRisk IntelliSet was also unveiled to more than 60 delegatesrepresenting existing RiskBusiness clients at the annual RiskBusiness Client Conference, heldimmediately after OpRisk World 2014 at the same venue in Amsterdam, the Netherlands. TheRiskBusiness OpRisk IntelliSet is available either as software-as-a-solution in a hosted multitenanted database or as a standalone in-house implementation.