DATASHEET

Archer Loss Event Management®

Use Case for Enterprise & Operational Risk Management

The Challenge
Understanding and managing loss events is essential to an effective operational risk management
program. Many organizations today have impaired visibility into the frequency, amount, typeand source of loss events. This is frequently due to lack of complete or comprehensive listsof loss events, lack of accountability for management of loss events, and inadequate root
cause analysis. As a result, organizations are not fully aware of actual losses, near misses,or losses incurred by others in the industry that could provide advance warning of theorganization’s own potential losses. They also experience a higher frequency and amountof loss events due to poor loss event analysis and remediation.

Overview
Archer Loss Event Management allows organizations to capture and inventory actual loss
events and near misses, as well as relevant external industry-related loss events. Coupled withadjacent applications, loss event root cause analysis can be performed to understand why theloss occurred and take appropriate actions to reduce the likelihood and impact of similar futurelosses. Loss events can be evaluated as part of top-down risk assessments and risk selfassessments, if utilized. Loss events can also be exported to perform Monte Carlo simulationsof operational risk using external Monte Carlo engines, such as Palisade @Risk.
®

Features• Consolidated loss event catalog including actual losses, near misses, and calibrated external loss events.
• Assignment of loss events by business unit and named individuals.
• Root cause analysis.
• Review and approval of loss events by key stakeholders.
• Visibility into aggregate losses by type, source, and area of ownership.
• Ability to drill into specific loss events for greater detail.
• Consolidated list of remediation plans.
• Correlation of loss events cto risk and control procedure registers used to inform risk assessments and 				 Monte Carlo simulations, if those use cases are employed.

Benefits
With Archer Loss Event Management, you can:
• Gain a consolidated view of loss events by frequency amount, type, source, and owner.
• Understand the cause of loss events and actions being taken to remediate problems that led to the loss events.
• Reduce the frequency and number of loss events.
• Engage business unit managers in the management of losses.
• Demonstrate ownership and responsibility of loss events.

About Archer
Archer is a leading provider of integrated risk management (IRM) solutions that enable customers to improve strategic decision-making
and operational resilience with a modern technology platform that supports qualitative and quantitative analysis driven by both businessand IT impacts. As true pioneers in GRC software, Archer remains solely dedicated to helping customers manage risk and compliancedomains, from traditional operational risk to emerging issues such as ESG. With over 20 years in the risk management industry, theArcher customer base represents one of the largest pure risk management communities globally, with more than 1,200 customers
including more than 50% of the Fortune 500.
Visit www.ArcherIRM.com.

@ArcherIRM

Archer Integrated Risk Management©2023 Archer Technologies LLC. All rights reserved. Archer and the Archer logo are registered trademarks or trademarks of ArcherTechnologies LLC in the United States and other countries. All other trademarks are the property of their respective owners. Archerbelieves the information in this document is accurate. The information is subject to change without notice. 10/23 Data Sheet.