Mastering Operational Risk Management with IBM OpenPages: A Simple Approach
“Failing to prepare is preparing to fail.” This quote from Benjamin Franklin reminds us why being proactive is so important. It matters even more when managing risks in business. Last year, 76% of companies faced major disruptions. These disruptions led to financial losses, downtime, and damage to their reputation. That is why having a strong Operational Risk Management (ORM) strategy is key.
Imagine your business as a soccer team. Scoring goals is important, but you need a good defense too. In business, ORM is that defense. It keeps things running smoothly, even when challenges arise. However, effective ORM is much more than merely identifying risk factors; it demands an integrated strategy encompassing several key elements:
- Risk Management: Find, assess, and reduce risks before they happen
- Loss Management: Track incidents to stop them from happening again
- Testing: Regularly check if your controls and processes are working well
- Issue Resolution: Solve problems quickly and effectively
Together, these elements contribute to the “4 Ps” framework of Operational Risk Management: Predict, Prevent, Prepare, and Protect. This structured approach helps to foster resilience by:
- Predict: Spot issues early before they grow
- Prevent: Take action to stop risks before they happen
- Prepare: Be ready to respond when incidents occur
- Protect: Keep your company safe and running smoothly
A tool like IBM OpenPages can make managing these steps much easier. It lets businesses predict risks, prevent problems, prepare for issues, and protect their assets. It uses real-time insights and strong risk management processes.
Let’s break down the 4 Ps and see how IBM OpenPages helps with each one.
The 4 Ps of Operational Risk Management: How IBM OpenPages Can Help
- Predict: Spotting Risks Early
Good ORM starts with predicting risks. You need to see what could go wrong. It could be data breaches, equipment failures, or new regulations.
Think of a manufacturing company that relies on machines. Predicting risks means keeping track of the condition of those machines. This way, you can catch problems before they happen. If you find issues early, you save time and money.
How IBM OpenPages Helps You Predict
IBM OpenPages has smart tools that help predict risks. It looks at data from past incidents to spot where risks might come up. Key features include:
- Scenario Analysis: Find key scenarios that need extra attention and understand their impact
- Risk Modeling and RCSA: Use a central system to document risks across the business, which makes it easier to act early
- Prevent: Stopping Risks Before They Happen
Preventing risks means taking action to reduce the chance they will happen. This could mean setting up strong controls or training your staff regularly.
For example, a finance company might set up strict rules to stop fraud. Training sessions can also help prevent mistakes that could lead to problems.
How IBM OpenPages Helps You Prevent
IBM OpenPages puts all risk management activities in one place. This makes it easy to spot and manage threats before they grow. Key features include:
- Loss Event Management: Track incidents, find out why they happened, fix them, and prevent them from happening again
- Interactive Workflows: Visual tools show how activities are connected, making it easy to adjust processes and manage risks quickly
- Prepare: Getting Ready for Risk Events
Sometimes, even if you do everything right, risks can still happen. Being prepared helps you handle these situations better.
For example, a retail company may have backup suppliers. This way, if one supplier has a delay, they can still keep things running. Being prepared is key.
How IBM OpenPages Helps You Prepare
IBM OpenPages helps companies make emergency plans, assign resources, and simulate possible risks. This makes sure they are ready when something goes wrong. Key features include:
- Emergency Response Planning: Set up and manage action plans, assign roles, and make sure everyone knows what to do during a crisis
- Dashboards for Tracking: User-friendly dashboards show the state of risk across the business, which helps track readiness and make changes when needed
- Protect: Keeping Your Business Safe
When a risk happens, the main goal is to protect important assets and keep the business running. Good protective measures stop small issues from becoming big problems.
For example, in healthcare, protecting means keeping patient data safe during a cyberattack and making sure services continue smoothly.
How IBM OpenPages Helps You Protect
IBM OpenPages helps track risks in real time. This protects your people, assets, and operations. It also helps businesses recover quickly from incidents. Key features include:
- Real-Time Monitoring: Track risks as they happen and send alerts to the right people
- Issue Management and Incident Response: The “My Tasks” feature shows all tasks assigned to users so they can respond to incidents quickly
Partner with ITech GRC for IBM OpenPages Managed Services
IBM OpenPages is a powerful tool. But to get the most out of it, you need experts. That is where ITech GRC comes in. As a Premier Partner of IBM OpenPages, ITech GRC offers:
- Implementation Services: Set up IBM OpenPages to fit your business needs
- Customization Services: Adjust the platform so it works well with your business
- Support Services: Provide ongoing support and training
- Upgrade Services: Keep your OpenPages environment updated with the latest features
ITech GRC helps you put the “4 Ps” into action. This keeps your business proactive, resilient, and ready for challenges. Talk to our experts today!