Now more than ever financial organisations are under pressure from their regulators and shareholders to ensure the robustness and transparency of their ERM strategy.  John Kiddy, CEO of Chase Cooper Ltd, believes it will become increasingly necessary to demonstrate effective operational risk management in this challenging business climate.  Increasingly, financial services organisations are expected to underpin their risk strategy with sound practices and robust technology. In Chase Cooper’s view this technology can be deployed far faster than many industry practitioners realise, and certainly an implementation providing significant business benefits could be deployed by the end of 2008.

Tony Blunden, Chase Cooper’s Head of Consulting, observes that many firms have completed their first round of operational risk work – typically some work on a policy, RCSAs and loss causal analysis.  The work already done has generated a large amount of data which is often held in Excel spreadsheets or an Access database.  Many firms are finding the manipulation of this data difficult and time consuming.  It is also very difficult to keep all the data consistent when it is spread over several spreadsheets.”

Jason Were, Chase Cooper’s Sales Director, commented “Many OR Managers see the obvious benefits of a modern solution, but believe an implementation project will be time consuming and labour intensive.  Believing they couldn’t possibly get an operational risk system live this side of Christmas, many may have decided to shelve the project until 2009.  In our experience, quick wins this side of Christmas are still possible for even the largest organisations by implementing aCCelerate in the business areas under the most intense regulatory pressure.

Chase Cooper’s award winning aCCelerate solution offers configurable out-of-the-box functionality to address the full spectrum of operational risk requirements, and implementations are typically counted in days, not months. aCCelerate provides a common repository for the capture and management of operational risk across the entire business.  It facilitates the linking of ORM data, which allows qualitative RCSAs to be challenged by actual KRIs and losses, and our on-board Data Import tools allow quick importing of data from other systems into aCCelerate.

Three recent aCCelerate implementations have each been completed within 2 weeks, allowing our clients to benefit quickly from a comprehensive and coherent OR database.  The advantages of a leading ORM tool like aCCelerate can be achieved much sooner than expected and certainly within 2008.”

To learn more about Chase Cooper’s aCCelerate solution for operational risk management, click here.

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