Operational risk and operational risk management is unmistakably garnering more attention as organisations face an onslaught of new threats, new responses to disruptive technologies, new competitors, and continual pressure to grow. Although process standardization is emerging, integrating disparate risk management activities and data is becoming increasingly important. Additionally, opportunities exist for operational risk management activities to evolve to add value, delivering more value and a higher quality of oversight while at the same time increasing efficiency. Organisations that use software will make this shift to realize competitive advantage, support a better service delivery model, reduce structural costs, and bring transparency into the risk profile.
Software’s role
Pulling together the tactical aspects of operational risk management is cumbersome for risk management and the business without software. Software needs to be at the heart of the operational risk management process and provide the enabling levers to facilitate the efficient and value-added risk management activities across the lines of defense. A closer look at each part of the operational risk management processes can uncover software’s role and the value therein.
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