Operational Risk Management (ORM) Software

Operational Risk Management (ORM) software helps organizations identify, assess, mitigate, and monitor operational risks within their business operations. It provides self-assessment tools for documenting risks and recording risk controls, along with analytical techniques like risk scoring and matrices for assessing those risks. ORM software also supports risk mitigation by offering tools to reduce the likelihood and impact of risks. This software also helps track incidents and determine appropriate responsibilities and remedies when operational losses occur.

Key Features & Capabilities of Operational Risk Management Software

• Risk Assessment Matrix: ORM software includes risk assessment tools, such as a matrix for evaluating and documenting risks, helping users assess risk levels, urgency, and mitigation actions.
• Operational Dashboards, Reports, and Analytics: ORM software centralizes risk data and provides customizable dashboards, analytics, and report generation to support data-driven decision-making and enhance risk awareness. Dashboards and analytics can also incorporate data from Quality Management Systems (QMS), offering a holistic view of operational risks and quality standards compliance.
• Regulatory Compliance Tools: ORM solutions offer tools with real-time updates on regulatory changes, links to specific regulations, and project management features to track compliance progress. When paired with compliance management software, ORM tools can further strengthen an organization’s ability to stay up-to-date with regulatory changes and ensure compliance across all operational areas.
• Project Management Capabilities: ORM software includes project management features for identifying, documenting, and mitigating risks, along with task assignment and progress tracking to ensure effective risk resolution.
• Integrations: Operational risk management software supports a variety of application integrations, particularly with tools such as third party risk management software and incident management software to enable the centralization of risk data, and streamline overall risk management.