Regulatory pressures of compliance and transparency, coupled with increased executive accountability are challenging Financial Institutions to protect their reputation and compete effectively. In recognition of the need to adhere to best practice standards (for example Basel II Capital Accord), Financial Institutions are now re-examining how they think about and manage their operational risks - direct or indirect losses resulting from inadequate or failed internal processes, people and systems, and external events.

Norkom's Operational Risk Management product gives you the ability to tactically identify, analyze, assess and manage your operational risk exposures, whilst also providing you with a framework to address your strategic goals of Basel II compliance and the USA PATRIOT ACT .  It leverages the technologies of Norkom's platform and addresses key risk management areas including risk analysis and reporting, anti-money laundering , watch list management and fraud detection, losses and prevention.

From Analysis

Identify and Analyze Risk Profiles

Using advanced data mining techniques, powerful analytics and business rules to continuously monitor data from across the organization (and external sources), you can be assured that you will identify and capture loss event information. Further analysis, on a central repository of loss data, will give you a profile of the risks and a range of quantitative metrics, including:-

calculating and presenting of key risk indicators,

scoring of risk probability,

categorizing and reporting of risk against the appropriate Basel II requirements.

This intelligence - Key Risk Indicators, Loss Data and Insights, is made available across the business (to the appropriate personnel) providing you with a greater transparency and understanding of the operational risk and its relative importance. In addition you can utilize this intelligence to give you the scientific data driven reports that are required by external authorities.

Monitor, Manage & Report Risks

Norkom's Operational Risk Management product includes tools to enable you manage the complex process of examination, validation, investigation and reporting of the risk. It can be easily configured to provide process automation and prioritization capabilities to ensure your organization optimizes the efficient use of scarce highly skilled resources. A comprehensive audit trail and consolidated reporting facilities mean that you can be assured to demonstrate due diligence to the appropriate internal and external risk management bodies. A portal interface provides you with an information dashboard. You can control the access to all documentation relating to your operational risk policies, procedures and processes across the organization.

Risk Self-Assessment, is an intuitive key feature of the product. Here you can capture and analyze how risk is viewed and managed across business functions and within organizational hierarchies, whilst also highlighting the appropriate risk management programs that need to be executed. The trend and risk assessment facilities provide you with insights to evaluate inconsistencies, contain potential problems at an early stage, target risk management and enforce organizational procedures. In addition you can use the insights to optimize the allocation of risk across the organization - by effectively managing capital allocation, you can reapply the available spend to the areas of business that will yield the best returns.

Key Benefits

 *Robust & Proven technologyOperates in mission critical and high transaction volume environments.
 *Scalable productExtends to AML, Watch List Management and Fraud Detection.
 *Supports existing and planned Basel II requirementsTransparency of risk information, consolidated reporting facilities, calculation methods and metrics.
 *Flexible data collection & central repositorySupports efficient updates and conforms to BIS requirements.
 *Advanced Analytics with Adaptive Learning and Business RulesIdentifies profiles and captures loss events, scores probability of risk and categorizes loss data.
 *Key Risk Indicators (KRI)Provides insight on exposures, risk management and controls.
 *Business InsightsAssesses trends and risks, minimizes event losses, leverages risk reward opportunities, optimizes capital allocation.
 *Information PortalInterfaces with risk related documentation,procedures, policies and governance
 *Audit Trails & Comprehensive   ReportingLeverage opportunity risks to gain competitive advantage