BlueRisk
The BlueRisk module is an important component of BlueSuite, incorporating a step by step methodology for the creation and maintenance of a centralised register for the classification of risks.
Whilst risk is intrinsic to doing business, risk management should not be a product of chance. The key is to gain strategic advantage by effectively managing the factors that influence risk.
BlueRisk meets the challenges of an evolving risk environment and includes pre-packaged industry standards and best practices to satisfy our client’s requirements in Banking, Insurance, Industry, Local Government, Education, IT and other sectors.
BlueRisk Data is gathered and viewed holistically using a common risk terminology, which ensures that a comprehensive and accurate status of risk is communicated to key stakeholders, and available for analysis at any time. This information is important for identifying areas of control weakness. In addition, data on losses and near misses is invaluable for building internal models to calculate capital charges for operational risks.
BlueRisk with Predictive Risk Intelligence™ (PRI). PRI is an exclusive risk treatment technology developed by Oxial and configured for BlueSuite that includes tools to detect emerging threats and alert management to take pre-emptive action before risks have time to crystallise.
BlueRisk can continually calculate and project the residual risk element which, if desired, can be aggregated by category to return the Total Operational Risk Exposure for the organisation. Residual risk is calculated using an exclusive algorithm developed with leading consulting firms. This feature is fully customisable to incorporate the chosen algorithm of your organisation.
BlueRisk’s rich reporting features let’s your organisation demonstrate to regulators, shareholders and rating agencies that all significant risks and controls are identified, assessed, monitored and reported, and that governance is strong.
BlueRisk combined with BlueControl and BlueAudit guarantees total control over identified operational risks within an organisation. BlueRisk key benefits include:
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Risks Register linked to Controls, Assets and Business processes,
- Methodology to create sophisticated Risk Treatment Plans,
- Predictive Risk Intelligence™,
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Monitoring the effectiveness of Risk Treatment Plans,
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Dynamic residual risk calculation,
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Incident and loss database,
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Rich and customisable management reporting
BlueRisk can be implemented individually to suit the client’s deployment plans, or in conjunction with BlueControl as part of a comprehensive Risk Management Strategy.
