During the last decade, we have been witnessing a significant overhaul of business frameworks, including drastic regulatory and market reforms. In addition, organisations are becoming even more prone to large scale cyber-attacks, corruption, and events arising from a rapidly changing geopolitical order. These changes have brought about serious adverse consequences to an organisation’s stability and sustainability.
Synectics Operational Risk Solutions, enable Organisations to effectively and efficiently manage the Risk of Loss from inadequate or failed Internal Processes, People, Systems, and External Events. The System maintains and manages a register of Loss and Near-Loss Events, the Business Activities that incur those losses, and related Risk Indicators. This is vital in understanding the Controls and Mitigating Actions required and essential in calculating the Capital Reserve against future Operational Losses.
At the same time, a Risk Control Self-Assessment is an empowering process through which all levels of an organisation collectively identify and evaluate each Business Unit’s Risks and associate Controls and Key Risk Indicators. Synectics Solutions enable our Clients to integrate Risk Management practices and culture into daily operations. This results in effective identification, assessment and management of high risk areas, followed by subsequent evaluation of the adequacy of implemented controls and monitoring of Key Risk Indicators.