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Operational Risk Management Awareness

The term Operational Risk Management reporting of those losses, affect
(ORM) is not new. It has been tossed virtually all areas of every business
about in businesses across North America each and every day. Therefore, it is in
for the last several years. ORM and the each company's best interest to
oft associated term Enterprise Risk simultaneously find ways to cut losses
Management (ERM) have generally been used while keeping regulatory compliance costs
as corporate buzzwords, business culture down. Hence the rebirth of Operational
idioms referenced in board meetings and Risk Management/Enterprise Risk
articulated during presentations. Recent Management and the new demand for Risk
developments, such as the creation of the Management software solutions.
Sarbanes-Oxley (SOX) Act in 2002 in Traditionally, few operational losses
response to growing financial scandals in were measured in any accounting system,
the U.S., have brought Operational Risk and rarely were the loss incidents
Management, Enterprise Risk Management tracked and analyzed in any way; the time
and related concepts from the backrooms and paperwork required to do so was
to the forefront of corporate America. simply daunting. Because there was no
The inescapable reality is that every standard legislation in place, any Risk
single day businesses incur losses and Management software tools were often
experience operational disruptions due to proprietary and slightly more than
failures by employees, incorrect electronic log books at best. New
implementation of processes and technologies and attitudes have allowed
technologies as well as wilful loss incidents to be seen as more
disobedience to internal controls. These predictable and able to be grouped into
losses may be manifest in the form of risk categories. Proper analysis of these
uncollectible receivables from incidents can result in attribution to
disappointed clients, lost sales due to root causes which aids in mitigation.
call centre failures or unproductive Even this beginning leads to dramatically
employee downtime when computer systems reduced costs while achieving huge gains
are unavailable, or a host of other and strategic advantages from well
potential problems. While most businesses crafted Operational Risk Management
have developed ad hoc methods of dealing policies and Enterprise Risk Management
with such losses in the past, legislation procedures.
(such as SOX and the Basel Accord) has Changes in legislation, technology and
made standardized compliance procedures attitudes related to ORM/ERM have
much more complex. Thankfully, just as produced not just economic gains, they
these new rules have given rise to have led directly to re-invigorated
increased awareness of ORM/ERM, new tools business innovation and even created
(including Risk Management software) have improvements in the quality of life. For
been developed to aid compliance efforts. example, safety, quality and
The new regime of Sarbanes-Oxley, under environmental related loss incidents have
the direction of the Public Company proven to be not only manageable and
Accounting Oversight Board (PCAOB) which avoidable, but sound management of these
is in turn accountable to the Security issues has conferred greater advantage on
and Exchange Commission (SEC), has those who succeeded while driving many
undoubtedly benefited the business world who did not adapt out of business. While
by providing a foundation from which to large scale corruption may have brought
decrease corporate fraud. However, the about regulatory changes, these changes
complexity and associated technical, have spurred a re-visioning of Enterprise
labour and administrative costs posed to Risk Management. Advanced Risk Management
business is also considerable. The software has allowed business to more
realities of both individually large and directly mitigate losses. This has
collectively mundane errors resulting in resulted in a cleaner, more efficient and
loss, as well as the newly regulated more competitive business environment.




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