OpenPages.The incidence of damaging risk events has been increasing, and has become a greater issue for CFOs. That's a prime reason why OpenPages, a Waltham, Mass.-based maker of financial controls management software that has been used primarily for Sarbanes-Oxley internal control compliance, has launched a product designed for an enterprise approach to risk management. OpenPages has created an Optimum GRCM GRCM Governance, Risk and Compliance Management (software) GRCM Goal, Rule, Checklist, Metric GRCM Gravel, Cemented (lithological term) GRCM Gnome Remote Connection Manager (Governance, Risk and Compliance Management) Suite; its first product, OpenPages FCM FCM See: Futures commission merchant FCM See futures commission merchant (FCM). , for Financial Controls Management, has been out for a couple of years. The next application, ORM ORM - Object Role Modeling , for Operational Risk Management, came out earlier this year. Additional modules of IT Risk Management and Strategic Risk Management are projected for release later this year and in early 2007, respectively. The ORM product is designed to identify, analyze and manage operational risk on an integrated, company-wide basis. Too many companies still rely on homegrown applications and spreadsheets for risk management, and don't have systems that capture complex inter-dependencies among a multitude of risk factors that span geographies, lines of business and functional organizations, said Patrick O'Brien Patrick O'Brien may refer to:
He adds that reporting on risk areas requires attention to both internal (management and the board) and external (auditors and regulators) audiences, and companies particularly need to control what external viewers are seeing. The product allows modeling of organizational processes, breaking them down by business line with a view to zeroing in on risks, O'Brien says. It uses key risk indicators, which can be set up based on businesses and geographies, to send signals to business "owners" about evolving risks. O'Brien stresses that the ORM software is not "customizable" but "configurable," meaning that the focus is on the design of process activities and the amount of individualization individualization, n the process of tailoring remedies or treatments to cure a set of symptoms in an indiv-idual instead of basing treatment on the common features of the disease. is limited. He adds that OpenPages is targeting its existing customer base and the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, specifically with regard to Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations rules. Other regulated industries, such as healthcare and energy, are also likely prospects, he adds. OpenPages claims more than 170 customer companies and more than 31,000 licensed users. Most customers are large enterprises, with annual revenues averaging $6.7 billion. Web: www.openpages.com |
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