OpenPages Operational Risk Management objects

This topic provides information about the OpenPages® Operational Risk Management objects.

KRIs and KRI values
KRIs (Key Risk Indicators) are components of the risk monitoring process and are used to provide leading or lagging indicators for potential risk conditions. Each instance of a KRI within the organization can have unique target and threshold limits. KRI values are used to record the actual value of an indicator at a specific point in time.
KPIs and KPI values
KPIs (Key Performance Indicators) are components of the risk monitoring process and are used to provide leading or lagging indicators for potential risk conditions. Each instance of a KPI within the organization can have unique target and threshold limits. The KPI Value object type records the value of a KPI object at a specific point. Create a KPI object, and then periodically (daily, weekly, monthly) create a KPI Value object so you can detect trends.
Loss events
Loss Events are used to track operational losses that occur in any part of an organization. Loss Events are typically stored under the Business Entity where the loss occurred. The Loss Event objects are used to track, assess, and manage the related internal loss data. You can add multiple impacts and recoveries for each Loss Event by using the Loss Impact and Loss Recovery objects. Loss Event, Loss Impact, and Loss Recovery objects can also be created in IBM® OpenPages Loss Event Entry.
Loss impacts
A loss impact is a financial and non-financial consequence that results from a loss event. Loss Impacts track different types of impacts that are triggered by a Loss Event, such as legal liability, asset loss and damage, or business interruption. Multiple Loss Impacts can be associated with each Loss Event.
Loss recoveries
Loss Recovery objects are used to track the processes that are associated with recouping damages that result from Loss Events.
Scenario analysis
Scenario Analysis (SA) is an assessment technique that is used to identify and measure the potential occurrence of operational risk events or to assess operational resilience. Unlike traditional operational risk assessments, it is a forward looking what if analysis.
Scenario results
Scenario Result objects are children of Scenario Analysis objects and they are used to capture the results of Scenario Analysis workshops for comparison and trending purposes.
FIRST losses
FIRST Loss objects can be imported from the FIRST external loss database, for use with scenario analysis, benchmarking, and reports generation, and to export loss data to analytic tools or capital allocation applications. FIRST Loss objects are often organized by loss categories, such as product lines or event types. For example, use a Business Entity to create a hierarchy for FIRST loss data. Name the root object FIRST-data, and create category folders under the root. Link external losses to it.
ORIC losses
ORIC Loss objects can be imported from the ORIC external loss database, for use with scenario analysis, benchmarking, and reports generation, and to export loss data to analytic tools or capital allocation applications.
ORX losses
ORX Loss objects can be imported from the ORX external loss database, for use with scenario analysis, benchmarking, and reports generation, and to export loss data to analytic tools or capital allocation applications. You can import external ORX loss data into OpenPages Operational Risk Management for use with scenario analysis.
Cost centers
Cost Center objects are used to group loss events under a business entity. In many cases, firms want to track where loss events occur at a fine granularity, such as cost center level, but do not want to represent all of the organizational layers as business entities.

Parent topic: Using OpenPages Operational Risk Management objects