GRACE ORM is a web based software for implementation of comprehensive Operational Risk Management practice across locations, business lines, departments.
Built on Oracle Technology, GRACE ORM provides a scalable, secure solution that is very easy to implement without much training.
GRACE ORM helps you build a centralized policy and procedure repository and provides functions to manage, review, revise, version and release management to create the central repository of the documents so everyone in the organization uses the latest version of the released documents.
It offers functions for risk assessments (planning, execution, findings managment, risk classification, risk mitigation and mitigation monitoring). The risk assessment dashboard with deep drill down to data enables senior management to have a view on all the risk assessments, their costs, risks identified and status of mitigation.
If offers audit management capability for audits and internal controls monitoring. The audit dashboard with deep drill down to data enables senior management to have a view on all the internal controls their issues , and the material risks identified by audit and status of their mitigation.
It provides for loss data collection and management. The loss dashboard provides the senior management understand the loss trends and possibilities of recovery
It provides functions for incident tracking and management. The incident dashboard provides incidents by classification to enable monitoring the big incidents closely to ensure least damage and cost.
It provides Information technology (IT) Governance module offers risk assessments and monitoring functions for the Application management and IT Infrastructure management including Security, User Rights, Business Continuity and Disaster Planning. The IT dashboard provides incidents by classification to enable monitoring the big incidents closely to ensure least damage and cost.
It provides a Meetings Management function. All of the Risk Oversight meetings, their decisions and mitigation tasks that are the outcome will be available on the dashboard for montoring
Risks are classified in a standardized way and scored based on their impact, frequency and internal control characteristics
Risk, task and project status reporting can be done to keep track of progress
Key Risk Indicators (KRIs) can also be set up, reported and monitored
The central dashboard provides the top management a overview of all the risks in the organization, and allows them to drill down to their status, cost and progress of mitigation.
Centralization of information allows the organization to build a live repository of information across all its entities for proof of regulatory compliance and risk management without additional data gathering expenses.
GRACE ORM enables institutionalization of the "Culture of Compliance and Risk Management " in the organization and makes it a business as usual practice.