Release of our FINANWARE™ Operational Risk module

The GrupoCONTEXT team of engineers and business specialists has developed a new module to meet the needs of the market to identify, control, follow-up and monitor Operational Risks called  FINANWARE® Operational Risk.

This module combines the best market experiences plus the Basel II recommendations for the management of operational risk events of any type of financial or real sector institutions.

The most important functionalities of this model are:

• Ranking capability dependent upon the risk events associated with the processes of each institution and with specific business lines.
• Possibility to rate risk events, controls and mitigating actions through multiple scenarios of occurrence, severity and soundness.   
• Configuration and viewing of gross and residual risk maps, with an indicator arrangement (alerts).
• Measurement of historical trends in risk concentrations.
• Dynamic creation of variables to set up a data base that will record risk events.
• Authorization required for approval to enter risk events into the date base.
• Flexibility to print and export all the risk elements.

This module was successfully installed in Peru, together with the implementation of a comprehensive risk management methodology developed by GrupoCONTEXT to assess risks from their identification until the preparation of business continuation plans.
The module is available as from the 7.2.3 version released in May 2008 and the expansion of its functionalities is planned for the last quarter of 2008 and the first quarter of 2009.