OXIAL Risk
Meet the challenges of an evolving risk environment.
Features
Risk classification and assessment
OXIAL Risk categorises all types of risk under various referentials in accordance with internal standards or external regulations such as Basel II, Solvency II, COBIT, etc. OXIAL Risk supports multiple risk management frameworks (COSO2, FERMA, AS / NZS 4360:2004, ISO-IEC Guide 73, ONR 49000, etc.) and covers all the necessary actions, data structures and reports needed to compile, define, categorise and assess operational risk appetite and exposure across the organisation. Customisable workflow processes are used to automate risk assessments, providing measures and comparisons of inherent and residual risk with proactive alerts when key thresholds are exceeded. OXIAL Risk meets the challenges of an evolving risk environment and includes pre-packaged industry standards and best practices to satisfy our customers’ requirements in banking, insurance, industry, local government, education, IT and other sectors.
Proven risk treatment methodology developed in collaboration with leading GRC consulting firms
Each risk is linked to its appropriate controls via a mitigation plan that optimises the quality of controls, limits their proliferation and/or fragmentation and reduces costs. OXIAL Risk continually calculates and projects residual risk, which 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 GRC consulting firms. This feature can be fully customised to incorporate the chosen algorithm of the customer’s organisation.
Incident management, loss history and near misses
OXIAL Risk includes a complete, automated collaborative module to manage the life cycle of all incidents with effective notification workflows; real-time monitoring and tracking, corrective and preventive action plans, as well as rich reporting capabilities, crucial to resolving issues quickly and efficiently.
Risk metrics and analytics
OXIAL Risk provides customers with risk intelligence by connecting key GRC components in order to provide pertinent risk metrics and scoring methodology. Powerful risk analytics with alerts are integrated into real-time, drill-down dashboards, heat maps and reports, providing the tools management needs to analyse and reduce risk exposure and make better-informed decisions in a live and proactive way.
Predictive risk intelligence
Management may fail to anticipate certain risks, and thus fail to design and implement an appropriate risk and control framework to efficiently manage risk. OXIAL Risk provides unique, predictive risk intelligence tools to enable our customers to anticipate risk and detect emerging threats, alerting management to take pre-emptive action before risks have time to take shape.
Full, intuitive and user-friendly Web interface
OXIAL Risk has an easy-to-use, task-driven Web interface rapidly that can be adopted by users. Multiple views and dynamic links between risk, control and audit data make information quick to access in only a couple of clicks.
Real-time performance dashboards
OXIAL Risk imbeds dynamic risk analytics and performance indicators directly within executive dashboards, alerting management of high-risk areas so that immediate remedial action can be taken. Full drill-down and aggregated analytics at each level let management quickly gain access to granular details of all KPIs at each business and risk level. Management can therefore constantly monitor and fine-tune business objectives and strategy.
Best practice reporting
OXIAL Risk’s rich reporting features let 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. OXIAL Risk comes equipped with a suite of pre-built granular and high-level reports. Customers can also create and launch their own custom reports using the open-source reporting tool iReport.
Both on-site and SaaS deployment
OXIAL Risk is available in both deployed and SaaS fully-managed installation modes. Our SaaS offer minimises total cost of ownership and comes with a comprehensive Service Level Agreement providing a guaranteed return on investment. This enables customers to focus on their business operations while reducing costs and risks.
