understanding stratex risk events
TRANSCRIPT
Understanding StratexPoint Risk EventsNovember 2016
Purpose
Purpose
The purpose of this presentation is to outline how the StratexPoint Risk Events functionality works.
Topics covered StratexPoint Risk Events
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Introduction Stratex Risk Events
Stratex Risk Events enable the capture, management and reporting of operational loss events in real-time.
Events are managed through a 7 stage process.
Enables Breaches to be captured.
Events link into the Stratex Framework, showing which risks crystalized and which controls.
The RACI Governance model is embedded into this process.
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Risk Event front screen
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Risk Event front screen
This show open risk events where the user is Accountable or Responsible at the Originating or Resolution entity.
It also show risk events entered by the user.
Click the Add New Risk Event button to add an event.
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Risk Events
The Risk Event capture screen is designed to capture the minimum amount of data from any user in the firm.
In addition to capture ‘normal’ Operational Losses, the solution enables Breaches to be captured.
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Risk Events
The Estimation stage is designed for the Risk team, or Risk Champions to review the risk event and add additional information.
They can complete a Business Impact Assessment and add direct & indirect costs; recoveries, losses and provisions.
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Risk Events
The Investigation stage is designed to capture three key blocks of text that would be created as part of an investigation into the risk event; Findings Evidence Recommendations
Users are able to view all the information about the event at the top of the form.
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Risk Events
The Analysis stage is designed to enable analysis of the event from the perspective of which risks crystallised, which controls failed, what caused the event and what were the consequences.
The risk event can be mapped to these items (risk, control, causes and consequences in the framework).
Additionally, the actual costs related to the risk event can be captured, and compared against the estimates.
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Risk Events
The Resolution stage is designed to capture both the external resolutions and the internal improvement initiatives and actions.
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Risk Events
The Approval stage enables the Accountable person (from the Resolution entity) to approve or decline the External Resolutions and Event costs.
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Risk Event
Once all resolutions and costs have been approved (or rejected), the risk event is able to be closed from the front screen.
If there are no costs or resolutions the risk event, they can be closed.
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Risk Events Dashboard
Understanding StratexPoint Risk EventsNovember 2016