Includes Compliance Library
Multi-Dimensional Risk Assessments
Multi-Dimensional Risk Management™
Managing risk in four dimensions (“Multi-Dimensional Risk Model”) brings into focus aspects of risk that are not readily apparent from the legacy approach of just one view and supports the best and most efficient placement of controls within the enterprise.
What’s more, it takes the same amount of work as the legacy approach; it’s not four times the work.
Risk Component Perspective: Provides insight into how specific regulatory requirements permeate the organization and how the organization’s control structure mitigates the risks of non-compliance utilizing ORM’s integrated, free Compliance Library. The Risk Component Perspective is highly effective in providing compliance officers, auditors, and examiners a detailed analysis of the intersection of specific risks with lines of business, processes, and products and associated controls to form a comprehensive picture of the compliance risk profile.
Line of Business Perspective: Focuses on which risks and controls are the responsibility of specific lines of business. The Line of Business Perspective gives managers a clear picture of their responsibilities, so they can manage, control, and monitor the risks they own. From a governance and oversight perspective, the Line of Business Perspective is very effective for overseeing and assessing departmental accountabilities and effectiveness.
Process Perspective: Unifies the view of business processes that may cross various lines of business and products and are impacted at different process points by different risks. The Process Perspective facilitates end-to-end process analyses and discovery of process breakpoints. It is highly effective when bringing together the various process stakeholders (e.g., the various operating units that support the process, compliance and other key stakeholders) to collaborate on specific process vulnerabilities and efficiencies and establishing accountability. The Process Perspective is a good place to determine better control placement or any over-controlling (I.e., redundant controls that appear at different process steps and could be consolidated).
Product Perspective: The Product Perspective is effective in managing and assessing the risks associated with a particular product or service. The Product Perspective gives immediate insight into risks associated with planning new products or services or making changes to existing ones, so a strategic shift doesn’t mean dead reckoning.
Risk Assessments Examples
Compliance and Safety and Soundness Risk Assessments
Click for DetailsThe ORM platform includes a Compliance Library containing safety and soundness and consumer protection regulations as well as industry standards.
The integration of the Library with the Risk Assessment modules enables ORM to prepare a comprehensive analysis of compliance with laws, rules, regulations and standards, including safety and soundness requirements and regulations, consumer protection regulations, and other governance impacting the institution.
Merchant-Client Risk Assessments
Click for DetailsAs recommended by regulatory guidance, risk assessments of perspective merchants and clients should be performed prior to on-boarding. What’s more, the institution is expected to perform periodic risk assessments to assess and respond to adverse changes in a client’s risk management profile. ORM provides an automated solution for managing merchant-client relationships.
BSA/AML/OFAC Risk Assessment
Click for DetailsThe ORM methodology first considers the risk level that is inherent in the BSA/AML assessment categories of: a) product or service, b) types of clients that use the product or service, and c) geographies in which the product or service is offered. The purpose is to objectively measure the level of inherent risk by using a scorecard system. Once inherent risk is identified and documented, determine the control effectiveness and then the residual risk of money laundering, terrorist financing, and other illicit activity associated with the business’ products and services.
Fraud Risk Assessment
Click for DetailsThis Fraud Risk Assessment assists in identifying the risk profile and evaluating the business’ exposure to being used to further fraudulent activity. Understanding the Fraud risk profile enables our clients to apply appropriate risk management processes to the compliance program to reduce, transfer, or accept the risks identified in the Risk Assessment.
