MetricStream ORM software supports the collection of loss data for effective risk management in multiple ways:
Internal loss data- when the data collection is carried out through a manual/automated approach from forms and bulk upload of multiple loss events from spreadsheets.
External loss data- when the data collection from libraries/contortions is enabled through APIs and spreadsheets uploads.
In compliance with the Basel Accords, the operational risk management framework helps you can capture and categorize internal risk events and losses across multiple impacted organizations. Faster loss data recording with a simplified and easy-to-use interface is enabled for frontline users to record basic details of a loss event. Multi-currency risk events can be aggregated in a single currency. You can analyze trends, conduct a causal analysis, and initiate corrective actions across your organization. You can also define loss thresholds, consolidate data from external loss data exchanges, and conduct a loss data analysis.
Business users or frontline workers can easily report an issue or a loss using a simple interface with minimal information. The reviewer can triage these loss events or issues based on AI-powered recommendations.