By definition, managing operational risks means mastering the function-specific vulnerabilities in each department, be it finance, operations, human resources, marketing, sales and more. For each functional area, you need to:

• Identify the relevant risks
• Define, maintain and apply controls
• Measure the effectiveness of your controls

Controlling just one area of operational risk involves many links of manual labor. When you consider all the departments that must be managed, ORM can become a weighty chain around operations. Without rational management, inherent risks may be overlooked (or underestimated), controls can be misapplied, and tests may fail to reveal the weaknesses in your controls. The fragmentation of labor across functions undermines visibility, compromising your power to understand and mitigate operational risks.

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Operational Risk Management Automation Creates Consistency

ProcessUnity’s SaaS-based technology integrates operational risk management under one umbrella, streamlining the entire ORM process into a visible, automated workflow. Through automation, you can:

• Create a library of controls and tests that can be developed once and applied in many areas, ensuring consistency while eliminating redundant efforts
• Establish rational workflows with appropriate rules, alerts and scheduling features
• Manage dashboards that visually expose the status of schedules and tests
• Produce meaningful reports that reveal the effectiveness of current controls, and identify the risks that merit greater attention