The Risk Management Association (RMA) today announced the addition of the fifth module to its OpRisk Tools suite.
The Internal Loss Event Data module is designed to capture and report on loss events that occur throughout the organization. It serves as a centralized and standardized repository for this information.
The module allows the manual entry of new events, searches for existing events to view or update, and maps general ledger transactions to existing or new events. The system defines a loss as the financial impact associated with an event that is recorded on the company's financial statements.
Financial impact includes all out-of-pocket expenses related to the event, but does not include opportunity costs, foregone revenue, or costs of investments made to prevent subsequent losses.
In addition to this module the suite includes:
- Risk and Control Self Assessment module
- Sarbanes-Oxley module (addresses SOX 404 compliance)
- Integrated SOX/RCSA module
- Issue/Action module