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Benefits

  • Consolidated view of loss events by frequency amount, type, source and owner.

  • Understand whether remediation plans are being executed on time, as planned.

  • Greater engagement of business unit managers in the management of losses.

  • Clear understanding of the cause of loss events and the actions being taken to remediate the problems that led to the loss event.

  • Reduced frequency and number of loss events.

Features

  • Loss Event Catalog

    Consolidated loss event catalog including actual losses, near misses and calibrated external loss events.

  • Root Cause Analysis

    Facilitates faster root cause analysis.

  • Widespread Visibility

    Visibility into aggregate losses by type, source and area of ownership.

  • Consolidation

    Consolidated list of remediation plans to reduce likelihood and impact of similar future loss events.

  • Assign Loss Events

    Assignment of loss events by business unit and named individuals.

  • Approval Process

    Review and approval of loss events by key stakeholders.

  • Detailed Analysis

    Ability to drill into specific loss events for greater detail.

  • Loss Event Correlation

    Loss events can be correlated to risk and control procedure registers used to inform risk assessments and Monte Carlo simulations, if those use cases are employed.