Loss Event Management
Archer® Loss Event Management allows organizations to capture and inventory actual loss events and near misses, as well as relevant external industry-related loss events. Coupled with adjacent applications, loss event root cause analysis can be performed to understand why the loss occurred and take appropriate actions to reduce the likelihood and impact of similar future losses.. Loss events can be evaluated as part of top-down risk assessments and risk self-assessments, if utilized. Loss events can also be exported to perform Monte Carlo simulations of operational risk using external Monte Carlo engines, such as Palisade @Risk.
Key Features
- Consolidated loss event catalog including actual losses, near misses, and calibrated external loss events
- Assignment of loss events by business unit and named individuals
- Root cause analysis
- Review and approval of loss events by key stakeholders
- Visibility into aggregate losses by type, source, and area of ownership
- Ability to drill into specific loss events for greater detail
- Consolidated list of remediation plans
- Correlation to risk and control procedure registers used to inform risk assessments and Monte Carlo simulations, if those use cases are employed
Key Benefits
With Archer Loss Event Management provides, you can:
- Gain a consolidated view of loss events by frequency amount, type, source, and owner
- Understand the cause of loss events and actions being taken to remediate problems that led to the loss events
- Reduce the frequency and number of loss events
- Engage business unit managers in the management of losses
- Demonstrate ownership and responsibility of loss events
Prerequisites
For More Information
To learn more about Archer Loss Event Management, read the Archer Loss Event Management data sheet or view a short demonstration here.
To learn more about how Archer products, services, and solutions can help solve your business and IT challenges, contact your local representative or authorized reseller—or visit us at www.archerirm.com. If you are an existing Archer customer and have questions or require additional information about licensing, please visit the Archer Community for technical support.
