The acquisition of OpenPages expands IBM's business analytics capabilities to support compliance and risk management processes. OpenPages software allows businesses to develop a comprehensive compliance and risk management strategy across a variety of domains including operational risk, financial controls management, IT risk, compliance and internal audits. The result is an aggregated, enterprise-wide picture of all exposures, helping CFOs and CIOs understand how these risks can impact the organization's future performance.
For example, organizations are under increased pressure to ensure their compliance mandates are not geographically siloed. A manufacturer may have aggressive revenue goals for an emerging market, but those goals may generate business risks such as not aligning to regional regulations and unintended costs associated with extending the necessary financial, IT and business controls to a remote location. OpenPages software instantly highlights any inconsistencies in risk and performance goals, giving business leaders a comprehensive view of the business opportunities and risks associated with the expansion.
The full press release can be found here.
The OpenPages Platform serves as the foundation for a company's enterprise risk management (ERM) efforts by unifying enterprise-wide risk and compliance initiatives into a single management system.
OpenPages solutions include:
Policy Management - Provides the capability for organizations to develop organizational policy, in a granular fashion, many levels deep. The result is more agility and focus in the organization – key stakeholders can be automatically alerted to the pieces of policy with which they need to be concerned. As policy evolves, discrete sections of organizational policies can evolve as well, ensuring policy is always up to date, and all changes are tracked over time
Issues Management - Provides a full-featured issue remediation component to manage enterprise-wide issue tracking and resolution. Root causes can be identified, with common issues grouped together to provide management visibility. At a lower level of detail, multi-step action plans can be created to drive issues to completion, ensuring closed loop validation of progress towards risk management goals.
Risk and Control Self Assessment - Best practice risk and control self-assessment (RCSA) capabilities out of the box, aimed at delivering business value to its customers. Taking into account the many variables that make each leading organization unique, OpenPages enables its customers to configure process and data according to the organization’s business structure and assessment objectives.
Key Risk Indicators - KRIs act as early warning signals by providing the capability to indicate changes in an organization’s risk profile. KRIs are a fundamental component of a full featured risk and control framework and sound risk management practice. Their usefulness stems from potentially helping the business to reduce losses and prevent exposure by proactively dealing with a risk situation before an event actually occurs.
Loss Event Database - Capture all pertinent data to support root causal analysis and provide consistent data for regulatory and economic capital modeling. The events can then be automatically driven through root-cause analysis processes where the information gathered can drive the event through workflow depending on conditional values, such as the size of the loss. OpenPages loss events can also integrate with third party loss event databases.