Loss Event Management
The OpenPages platform provides a full featured loss event management component for managing and analyzing internal and external operational events. The loss event database can be configured to capture all pertinent data to support root cause analysis and provide consistent data for regulatory and economic capital modeling.
Loss events are automatically driven through root cause analysis processes where the information gathered is passed to the appropriate workflow depending on conditional values, such as the size of the loss. OpenPages loss events can also integrate with third party loss event databases.
The OpenPages Loss Event Management supports:
- Consistent capture of Loss Events and Near Misses - includes multiple impacts and recoveries per loss event so that all incidents associated with a single loss can be captured in one place
- Allocation of events to multiple business or legal entities - at the aggregate loss event or the individual impact level
- Correlation of events with RCSA, Scenario Analysis, and KRIs - includes associating losses directly to the risks that were materialized or the controls that failed
- Root Cause Analysis and Issue identification/remediation - automated root cause analysis through workflow which includes capturing causal data and tracking remediation efforts when issues arise
- Decision support in the form of dashboard and heat maps - reporting can aggregate loss data by event category, business lines and other dimensions, as well as compare actual loss to projected risk exposures
- External Loss Event Capture - includes capturing and reporting on external loss data and automated integration with external loss databases