Thomson Reuters Enterprise Risk Manager

Transcription

1 Thomson Reuters Enterprise Risk Manager MAKE BETTER DECISIONS

2 For enterprise and operational risk Conduct a range of assessment programs Collect and validate incidents Monitor KRIs, KPIs, KCIs or other indicators Register issues, capture controls and assign actions Perform capital calculations and stress tests»» Report and communicate about risk to all stakeholders 2

3 Clarity on risks means better choices To make the right decisions, you need to understand the risks. In an increasingly volatile business and regulatory environment, organizations are seeking an intelligence-led approach to embedding risk management into their business strategy. The scale of the complexity and the pace of change that organizations are facing is without precedent. To view individual risks through different lenses, including structure, strategy and finance, organizations are connecting the collation of risk information to powerful analysis capabilities. Thomson Reuters Enterprise Risk Manager is a powerful, connected solution for understanding, analyzing and acting on operational and enterprise risk information. Enterprise Risk Manager enables organizations to establish a framework for risk based on their risk appetite. The solution captures information such as incidents, indicators, assessment responses and scenario analysis data. It provides risk managers with the insight to analyze risk through the lenses of their organization s various structures and reporting lines using a powerful search capability so that both the cause and effect of a risk can be fully understood. Enterprise Risk Manager, with its dynamic user interface, also empowers executives to actively manage risks across the business, track the tasks others are expected to perform and report status to key stakeholders. The information contained in the solution can be linked to key deliverables in an organization s risk appetite framework, enabling a holistic approach to measuring and managing risk. Risk data housed in Enterprise Risk Manager can power Monte Carlo simulations for operational risk economic and regulatory capital modeling, various forms of statistical analysis and stress tests to help executives better communicate with regulators and to understand the challenges their business faces. 3

4 Navigate risk with confidence Thomson Reuters Enterprise Risk Manager provides organizations with a single, connected view of risk across the enterprise, creating a unique perspective on current and emerging risks. 4 CREATE AN ENTERPRISE OR OPERATIONAL RISK FRAMEWORK Capture risk appetite and tolerances Embed risk culture acceptance through new user interface Use powerful search for connected risk understanding Undertake a flexible approach to data and workflow Operate in multiple currencies and languages Perform within matrix organizational structures View a full audit trail of data and actions TRACK INCIDENTS AND LOSS EVENTS Collect and classify all event types Follow legal cases, compliance issues, near misses, etc. Capture and confirm events using authorization and notification triggers Import consortia loss events and new data sets By enabling the company to simplify and manage risks more effectively and exploit opportunities more efficiently, group risk management helps promote growth, improve performance and create value for the company. DR. FRIEDRICH VODICKA HEAD OF GROUP RISK MANAGEMENT, VERBUND PERFORM RISK ASSESSMENTS Produce qualitative and quantitative assessments for almost any purpose Assess risks, controls, tasks, processes, etc. Perform analysis using embedded scoring and calculation Follow completion and validation

5 Does your organization expect the volume of regulatory information to increase? MEASURE A RANGE OF INDICATORS Capture and monitor any indicator types (KRI, KPI, KCI, etc.) Aggregate indicators via the organizational chart to create new risk views Set up alerts so you know when indicators thresholds have been breached Drill up and down for flexible reporting QUANTIFY AND ANALYZE RISK Select data and model directly in the solution Ascertain regulatory capital for Basel and Solvency II, and other supervisory frameworks Perform scenario analysis modeling Undertake sensitivity analysis to understand model risk Conduct stress testing for operational risk E 69% Yes No 69% of financial services firms expect the volume of regulatory information published by supervisors and exchanges to increase over the next 12 months ACTIVELY MANAGE AND MITIGATE RISK Register audit issues to manage effectively Capture all of your organization s controls Assign actions to individuals and follow progress Link issues, controls and actions to risks, assessments, indicators, etc. Finally. Finally we are actually managing risks and (not just) the system. STEFAN SCHÜTT PREVIOUS HEAD OF GROUP OPERATIONAL RISK, BMW GROUP FINANCIAL SERVICES REPORT AND COMMUNICATE ABOUT RISK Drill up and down through the organizational chart and risk taxonomies Update reports and dashboards automatically View data in multiple currencies and languages, and across geographies Build a wide variety of chart types, including pie, column, Gantt and meter Create crosstab tables summarizing numerical data Refine published reports by applying filters, sorts, and conditional formatting within the Report Viewer Does your organization have a working definition of conduct risk? E 36% E 70% Yes No Only 36% of financial services organizations have a working definition of conduct risk Does your organization have a risk appetite statement? Yes No 70% of financial services organizations have a risk appetite statement 5

6 Embed a strong risk culture At the center of the Enterprise Risk Manager design is a belief that organizations which understand their risk environment are much better prepared to deliver on their strategic business goals. The solution enables organizations to improve the way they collect information about the risks they face, analyze that information and then act to improve the way risk is managed. In Enterprise Risk Manager, organizations are: COMMUNICATING EFFECTIVELY WITH KEY STAKEHOLDERS Enterprise Risk Manager dashboards display the information risk managers want and need to know, to provoke conversations with the wider organization. The Advanced Reporting module makes report building and sharing across the organization a powerful additional way to communicate. ACCELERATING THE DIALOGUE ON RISK APPETITE The Enterprise Risk Manager Assessment module enables organizations to build structured assessments, from a simple checklist to complex surveys with scoring and calculations embedded. All assessments are stored in the module s library, so individual questions or entire assessments can be repeated to aid the consistent tracking of individual risks. Individual questions and whole assessments can be linked directly to the organization s various risk, control and process taxonomies. CAPTURING THEIR ORGANIZATION S RISK STORY All organizations make mistakes, but it is the job of the operational risk manager to help their own organization learn from them. The Enterprise Risk Manager Incident Tracking module helps collect and analyze losses, enabling the organization to better articulate the challenges that it faces. MONITORING THE RISK ENVIRONMENT To ensure that senior management has visibility to potential problems as early as possible, Enterprise Risk Manager monitors indicators whether they are Key Risk Indicators, Key Control Indicators or the organization s own framework. UNDERSTANDING THE IMPACT OF RISK CHOICES Modeling operational risk can seem complicated, but it doesn t have to be. The Enterprise Risk Manager Quantification module uses the solution s data directly there is no exporting. Data is selected easily using search, and within seconds a risk manager will have performed Advanced Measurement Approach (AMA) capital modeling, scenario analysis or operational risk stress tests. CREATING A NEW WAY TO APPROACH CHALLENGES The Enterprise Risk Manager Action Tracking module provides a collaborative environment for risk managers and the business. There are three different types of activities to perform in this module: issues, controls and actions. Information from the solution, including risks, processes, incidents, assessments and indicators, can be attached to these items so that individuals working on a particular task have access to the materials they need. 6

7 Conduct risk and ORSAs Enterprise Risk Manager can be used to manage and track conduct risk in financial services organizations. Organizations can embed their conduct risk framework, including their appetite, in the solution and manage using all of the modules. This creates a robust, risk-focused approach to improving culture in organizations. Own Risk and Solvency Assessments (ORSAs) are now a part of insurance regulatory frameworks across the globe. Enterprise Risk Manager is used by insurance organizations to manage their ORSA programs, making managing risk and reporting to regulators easier. 7

8 RISK MANAGEMENT SOLUTIONS FROM THOMSON REUTERS Risk Management Solutions bring together trusted regulatory, customer and pricing data, intuitive software and expert insight and services an unrivaled combination in the industry that empowers professionals and enterprises to confidently anticipate and act on risks and make smarter decisions that accelerate business performance. For more information, contact your representative or visit us online at risk.thomsonreuters.com 2016 Thomson Reuters S035747/6-16