OpenPages launches new solution

MASSACHUSETTS – OpenPages – the governance, risk and compliance management solutions company based in Massachusetts – has launched OpenPages ORM, an op risk management solution that enables banks to identify, measure and monitor operational risk at an enterprise-wide level.

OpenPages ORM enables organisations to implement a compliant op risk management process that provides risk and control self-assessments; tracks loss events and near misses; incorporates external loss data; categorises risk and losses according to Basel II categories; and executive-level reporting.

Patrick O'Brien, director of product management at OpenPages, says the development was driven financial firms' need to achieve Sarbanes-Oxley Section 404 compliance as well as op risk compliance within one solution.

"Our clients are interested in systems that can take care of SOX as well as op risk management. And we felt we can leverage the synergy that exists between our SOX compliance tool and the needs of op risk compliance," O'Brien says.

He says the internal control testing, documentation, issue remediation and workflow in SOX compliance are also useful in op risk compliance as categorised by the Basel II rules, although there are some areas within risk management that people in SOX compliance do not address, such as KRIs or loss event tracking.

"The underlying SOX Express platform is built upon a set of services with document content management, full reporting capability, security services, workflow and notification, all of which can serve the op risk management function," he says.

Five customers are currently implementing the solution. The solution is a web-based interface that is adjustable according to client needs; clients can implement any of the modules that the system offers, independently.

Asian HQ

Meanwhile, at the end of January, OpenPages opened its Asian headquarters in Tokyo, Japan, to be led by Derek Titterington, who heads OpenPages' efforts in the Asia/Pacific region.

Michael Duffy, chief executive of OpenPages, says: "Over the past three years, OpenPages has experienced significant customer growth, based on our leading domain expertise, strong technology and focus on customer success." OR&C

Oprisk & compliance