FrontGRC Risk: Identify, evaluate, track, and manage risks, including risk factors and risk impact
FrontGRC Risk is a powerful reference solution for operational risk management. Enabling compliance with Basel II, Solvency II., LSF, Sarbanes Oxley, CRBF-97-02, and other current and future regulations.
The FrontGRC Risk solution helps to identify and assess risks as well as manage the mechanisms for controlling them creating and monitoring action plans and putting in place risk control factors. Risk is managed via version and history based mapping to guarantee the permanent auditability.
This application is fully integrated into the other modules of the FrontGRC suite (audit, internal control, and continuity plans) by sharing the same reference systems and a set of cross-disciplinary functionalities.
- Process and Risk Mapping: Modelling of the organisation and activity in process, identification and assessment of the associated operational risks, control elements and action plans.
- Combining FrontGRC Risk with FrontGRC Modelling enables complete graphical modelling of the processes with two-way interfacing between the integrated BPM and the reference systems.
- Includes a portal module for reporting incidents: Collection and description of incidents, assessment of impact and assessment history, associativity with process and risk mapping, validation workflow, advance search functions.
- Management of risk control mechanisms: Define how to control risk and access your control element according to various suggested methods. The system calculates the level of net current risk based on the degree of relevance, effectiveness and completeness of the risk control elements (such as your permanent controls) and risk mitigation action plans including training, skill assessment, insurance and expert reports.
- Link with the quantification module FrontGRC Quantification: Simplifies calculation of Core Capital Allocation: Development of statistical scripts, definition of data sets, implementation of internal models, execution of models and comparison of results. This solution can industrialize the process of calculating the optimum amount of core capital to be allocated, and the accurate auditing of this calculation process to present it to the regulator.
- Reporting: Reports and indicator tables associated with operational risk management, whether for internal monitoring or the regulator, can be automatically produced and distributed.