With Service Release 3 of ARIS Risk & Compliance Manager the ARIS Solution for GRC has been enhanced by a most valuable functionality: Incident and Loss Management.
This new functionality allows organizations to document their incidents and resulting loss or damage in ARIS, thus covering important requirements in the financial services sector, such as Basel II and Solvency II. Operational risk management is also supported by enabling improved risk assessment based on the loss data recorded.
Some highlights are:
- alerting function, when thresholds are exceeded
- information of risk management, when risk is assigned to a loss
- mark loss as "Credit default"
- different types of losses are considered: direct or indirect loss, near loss, and gain
- distribution of loss value to different risks, different financial items statements (showing the impact on the balance sheet), and different application systems, processes, and organizational units
Next week I will show the new Incident and Loss Management for the first time live at our booth A12, in hall 4 at CeBIT
Don't miss it! I look forward to seeing you there!
Elke
