Operational risk systems/solutions

There are a small number of software suppliers who are now attempting to address
operational risk. However, because of the wide range of requirements from each
company it is difficult to see a generic solution emerging in terms of a ‘risk-engine’.
However diverse the requirements, the data collection problem remains and this
section will consider the steps required to provide a working solution in the shortest
possible time. It will discuss the need for a cross-industry and industry/activityspecific
database of operational risk measures.
There are many new entrants to the operational risk systems market and a number
of different levels in the operational risk hierarchy are addressed. For example, two
particular levels are:
Ω Enterprise-wide operational risk
Ω Operations department/processing
The basic components of the solutions are based upon the following key
requirements:
Ω Operational risk engine
Ω Data collection
Ω Management reporting