Operational Risk

Surya's operational risk product offers a comprehensive solution to manage operational risks in financial institutions. It includes modules for Incident Register, Risk & Control Self-Assessment, and Key Risk Indicator.

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Operational Risk

Overview

Features

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OverviewOverview

Surya's Operational Risk system offers three key modules to effectively manage operational risks in financial institutions.

The Incident Register module enables users to capture loss information and evaluate operational incidents resulting from errors in internal processes, controls, and projects caused by various factors. The module offers an analytical framework for combining inputs to develop operational risk exposure and allows supervisors to review individual inputs for data validation and overall data integrity.

The Risk & Control Self-Assessment (RCSA) module enables financial institutions to capture, assess, and manage risks and controls effectively. This module allows users to create assessment plans that affect the organization and assess the effectiveness of controls.

The Key Risk Indicator (KRI) module offers early warning signals to monitor and mitigate operational risks that exceed acceptable levels. The module provides statistics and metrics to gain insights into the organization's operational risk profile and its changes.

Overall, our Operational Risk system offers a comprehensive solution to manage operational risks in financial institutions.

FeaturesFeatures

Incident Register

Logging risk incidents by all personnel of the institution

Supervisory review by control departments from Head Office

Classification of incidents as per institution’s policy (usually driven by COSO or BASEL guidelines)

Capturing monetary losses and tracking recovery

Link losses to causes (risks and/or controls) for analysis

Manage loss process through workflow and email notifications/tasks

Flexible graphical & Tabular reporting with export functionality

Setting up of Corrective Action Plan with definite deadlines

Risk & Control Self-Assessment

Mapping Risk Elements to Business Processes

Creation of Risk Libraries by listing

Defining Assessment Periods with submission deadlines

Submitting Self Assessments with Inherent, Control and Residual Risk Ratings

Identifying Control Deficiencies and submit Risk & Control Action Plans

Assessing overall rating of Operating Units and approve Action Plans

Key Risk Indicator

Create/Modify/Delete a library of Key Risk Indicators at Organization level.

Key Risk Indicators at library can be localized at different Key Business Combination.

Business Measures can be included for defining the Key Risk Indicators.

Comprehensive way of defining a formula for generating the value of Key Risk Indicator.

The Metrics are generated for Key Risk Indicators on a periodic basis as per the scheduling or ad-hoc.

The breach of Key Risk Indicators, if any is notified to concerned stakeholders.

Allows linking of risks, controls, Incidents, Scenarios and Process to the Key Risk Indicator.

Provides ability for search and filter on various parameters (business units, KRI owner, nature, rating etc.

Other

Workflow based application with state/event wise screens

Configurable parameters (Risk & Control Libraries, Operating Units, User Roles, Assessment Periods) in addition to customizable options for Incident’s Logging & Classification Fields

Distinct user roles with clear set of responsibilities

Supervisory control over submissions with the help of approval mechanism and deadline driven activities