Old Mutual, a South Africa-based financial services firm, has selected operational risk management (ORM) software from OpenPages, a provider of integrated risk management solutions for global companies, to improve its enterprise-wide risk management efforts.
OpenPages ORM software automates the process of identifying, measuring and monitoring operational risk, integrating all risk data in a risk analysis such as risk and control self assessments, loss events and key risk indicators (KRI) into a single solution.
OpenPages’ risk self-assessment capabilities enable organizations to document and evaluate their risk frameworks, including processes, risks, events, key risk indicators (KRI) and controls. Executive-level dashboard and reports provide visibility into the risk analysis, highlighting key risk metrics and policy compliance. Business process automation capabilities provide for real-time event escalation, automated risk processes, and streamlined remediation of issues and action items.
With loss event tracking, risk managers can track loss incidents and near misses, record amounts, and determine root causes and ownership. OpenPages ORM provides statistical and trend analysis capabilities and enables end-users to track remedies and action plans.
Key risk indicators (KRI) provide capabilities for tracking risk metrics and thresholds, with automated notification when thresholds are breached. OpenPages ORM provides facilities for both manual and automatic data inputs from internal and external data sources.
Old Mutual is a long-term savings Group. It provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual is listed on the London Stock Exchange and the JSE, among others.