User-friendly and Practical Risk Management
Web application
The Opture® risk management system is a web application running on a corporate web server and database. Since risk management data are generally considered sensitivedata, the communications and components of the Opture® system can be protected by high-level encryption.
Accessing the System
Users interact with Opture® risk management system through their standard web browser connected to the intranet/internet (possibly through a secure https connection). Users areprovided with an individual user name and password to access the Opture® web pages. On the pages they can perform all risk management tasks. TheOpture® system contains a highly detailed authorization structure.
Usability of the System
Many clients, especially when developing their risk management functions, appreciate the freedom to gradually enable functions in the user interface because not all users do have the same level of risk management expertise. For example, although risks can be quantified in detail with up to 70 parameters, it is not the intention of central risk management to bother users with those details. Central risk management instead pre-configures the interface visible to common users to contain only essential inputs. Inessential inputsoften can be set to default values and/or hidden from the common user. This greatly enhances efficiency and risk management customer's acceptance.
Configuration and Administration
The general risk manager or a representative can individually configure the system according to his/her demands. He/she can also assign user details,such as usernames, passwords, email addresses, etc. and can assign access rights for modules, functions, and data.
Corporate Structure Representation
Risk data can be categorized with respect to several freely configurable enterprise-wide structures, such as corporate units, P&L positions, riskowners, risk categories, etc. These structures are flexible and can represent, for example, hierarchical and/or matrix structures. The structures are also flexiblewith respect to dynamic changes, for example, due to acquisitions/mergers or restructurings.
Periodic Updating
Periodic updating of risks, opportunities, measures, and factors should be a standard risk management process. The Opture® scheduler can notify risk owners periodically by email alerts that updates are due. Risk owners respond by reviewing and updating their risks.
Gross and Net Risk Effects
Several characteristic quantities that quantify risks are evaluated periodically, e.g. to monitor risk limits. These include, besides standard figures such as Value-at-Risk, Expected Loss, quantiles, etc., severaldefinitions of gross and net risk values, for example, with or without mitigation measures, with or without predefined scenarios, etc.