As a result of the turbulent economic environment, OpenPages, the provider of integrated risk management applications, is helping companies successfully adapt to what they are calling a “New Era of Risk Management.”
The fallout from the financial crisis and the global effort to stabilise the world’s economies, including corporate bailouts, have prompted discussion of increased regulation that will require a greater focus on risk management in day-to-day business operations.
A recent report issued by the United States Government Accountability Office revealed that U.S. regulators failed to take action upon learning of critical weaknesses in the risk management oversight at some of the countries largest financial services institutions. The report provides further evidence of the need for a regulatory overhaul in the financial services industry.
In the New Era of Risk Management, companies will take a risk-based approach to managing the business. This approach allows companies to identify and manage the key risks across their business. It also enables companies to focus on what’s important and to avoid unexpected outcomes while improving performance. Also in the New Era of Risk Management, companies will seek to integrate risk management silos from across the business. This integration will reduce costs through a consolidated technology infrastructure and shared processes and will provide better transparency into the interdependencies of risks in the business.
OpenPages is working closely with its customers as they make the transition to a risk-based approach to managing their business, and many of its customers are integrating heretofore disparate risk management activities into a common set of processes supported by a single technology platform, OpenPages 5.5. These companies are prepared for the New Era of Risk Management.
D.C.