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OpenPages has extended into the operational risk tools market with the launch of OpenPages ORM.

The suite will enable companies to identify, measure and monitor operational risk.

OpenPages claims that using the tool will lead to improved operating margins, minimize earnings volatility, increase efficiency and optimize capital allocation reserves. This might possibly be the over-wrought sales pitch of a tool vendor, but it shows their market.

ORM will not eliminate risk according to OpenPages. Michael J. Duffy, President and CEO said, "The goal of operational risk management is not to eliminate risk, but to better understand the potential exposure and manage it to appropriate levels."

Main drivers of the suite are the automation of identifying, measuring and monitoring operational risk. All risk data including risk and control assessments, loss events and key risk indicators are all integrated into a single solution.

Document and process management are combined with monitoring capabilities in an easy-to-use environment,

Firms should be able to analyze risk profiles, mitigate risks, remedy issues and action items.

Other functionality includes loss event tracking and risk assessment.

OpenPages is also targetting ORM at the Basel II compliance market. The suite can categorize risk and losses according to Basel II categories.

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Similar Areas

Risk Management Items

Basel II Items

Sarbanes-Oxley Items

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Keywords

OpenPages

OpenPages ORM

operational risk

operational risk management

risk management software

risk management automation

risk assessment

risk profiles

Basel II and operational risk

OpenPages and Basel II