Operational Loss Events Software
Operational loss events can significantly harm business continuity. By using LogicManager's risk-based software, you’ll effectively mitigate your operational risks before they materialize into loss events.
This application can be achieved through:
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LogicManager’s Operational Loss Event Solution
Here’s what you can expect with LogicManager’s Operational Loss Event solution package:
- Have a centralized repository of your operational loss events that allows you to break down silos and have an overall view of the events that have occurred across your organization.
- Our secure webform helps you decentralize processes so that anyone can submit information about events. By having this form easily accessible through a URL, the data is easily reportable.
- With our workflow functionality, ensure that you have a formalized response plan in place that is automatically kicked off when an operational loss event occurs. This means the correct departments and stakeholders are made aware and can identify the root cause and the controls that need to be strengthened.
- Through our automated task notifications, users are being reminded of any tasks open that they need to complete. This way, response plans are taking place in a timely manner and a fix can be identified as soon as possible.
- By tracking all of the operational loss events and the response plan within LogicManager, you maintain a full audit trail of the events that occurred, including everything that has been done to fix the issue and prevent it from occurring again.
- Through our reporting functionality, identify trends and root causes. Reports and dashboards will allow management to review the events, identify weaknesses and take a more proactive approach going forward by assessing trends and areas of the organization that need additional attention.
- Take operational risk management one step further by ensuring your risk owners are conducting standardized risk assessments. By identifying risks and evaluating and improving your controls, you are able to prioritize controls and testing activities and determine the effects an event would have on your organization before it happens and stay proactive.
Manage Operational Loss Events with LogicManager
Break down silos
Using an ERM software to manage your operational loss events helps you break down organizational silos and gain a centralized view. Our Operational Loss Events form allows you to track operational loss events as a whole, so that you can identify where these events are occurring, where existing issues overlap across departments, develop strong and efficient fixes and prevent these events from occurring again in the future.
Identify critical gaps
Through a centralized list of operational loss events and our reporting functionality, this makes it easier than ever to determine if there were weak or failed processes in place and where it is stemming from. This allows you to be more proactive in the future, aggregate this information and compare across the whole organization to identify systemic risks.
What is an Operational Loss Event?
An operational loss event is any incident wherein an operational process – such as internal processes, inadequate systems or human error – causes a loss to your organization. Operational loss events can lead to tremendous overall losses for any organization. Operational loss events happen to every organization, yet how do you respond? How do you prevent such events from occurring in the future?
Don’t let these events continue to build up. By tracking the events that occur with a comprehensive solution, you’ll have an efficient and strong response plan in place for identifying where the weakness was in your organization and determine a fix to prevent any further losses from occurring.
Risks
Operational risks are any potential sources of losses that result from any source of operational event, such as poorly-trained employees, a technological breakdown or failure, theft of information, policy failure, and anything arising from a catastrophic event (i.e. a hurricane).
Request a DemoLearn How LogicManager’s Operational Loss Events Solution Can Transform Your Risk Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
