Best operational risk solution: IBM OpenPages
Finalists: Analytics Boutique OpCA, ORIC ORIS
One of the challenges companies face today is fragmentation of information, often a result of mergers and acquisitions, and the existence of legacy systems that are uneconomic to upgrade. The result is a mish mash of data that makes risk compliance harder.
IBM's OpenPages Operational Risk Management automates the process of identifying, analysing and managing operational risk and enables businesses to integrate risk data into a single environment. This integrated approach helps improve visibility into risk exposure, reduce loss and improve business performance.
Delta Lloyd has taken advantage of the tool to create a single, central enterprise risk management strategy.
Jan Jaap Schuitert, senior risk advisor at Delta Lloyd, said: "Instead of entering data into spreadsheets and then consolidating them manually, we can simply go into the system and view any aspect of our risk universe, from a group-level overview down to the individual risks and controls themselves."
As a result, Delta Lloyd increased its ability to respond quickly to regulatory compliance mandates and reduce time and effort managing risk across the enterprise.