Optial, the global operational risk management and compliance solution provider, today announced the launch of its new implementation approach, Optial SmartStart for OpRisk. This launch is a direct response to the market requirement for a defined operational risk framework to be provided as part of the Optial operational risk software platform.
"SmartStart for OpRisk is aimed at firms that require a rapid installation and cost effective solution for Operational Risk Management and Compliance, using a methodology that has already been proven in multiple client implementations", said Judith Graham, Optial's Product Director. "As the CMI survey commissioned by Optial last year found, many firms still rely heavily on spreadsheets for compliance control and reporting. The Optial SmartStart for OpRisk solution provides a cost-effective, robust platform that is ready to meet Basel II data capture requirements, right out of the box. The solution reduces the overhead of manual data collection and provides a consolidated view of risk across the organisation. Optial SmartStart for OpRisk is also flexible enough to meet future expansion and changes to regulatory requirements through straight forward amendments to the configuration."
"The Optial SmartStart for OpRisk implementation leverages best practice and a modularised approach to operational risk and compliance management", she continued. "Clients are able to create a solution based on the 4 pillars of: Risk, Compliance, Audit and Incidents, knowing that the flexible system design of Optial can accommodate their configuration requirements quickly and accurately, without any expensive changes to the source code base".
Optial continues to support its existing implementation approach, which recognises that multinational firms operating across several jurisdictions will typically have a unique business model and corresponding risk profile. Optial will continue to help these clients build Total Corporate Governance solutions by setting up an individually-configured implementation to match their detailed requirements. Both options capitalise on the Optial workflow capability to change behaviour to ensure success of the initiative throughout the enterprise.