The TricorRadar’s Risk & Control Self-Assessment (RCSA) module is a core system that powers the Operational Risk function. The module enables organizations to effectively and efficiently manage the risk of loss resulting from inadequate or failed internal processes and systems. This can be specifically designed for Financial Institutions (Banks/ Insurers/ Asset managers) or tailored for Organization in other industries. With TricorRadar RCSA module, organizations can create an automated process that includes risk & control assessments, including scheduling risk-based control testing to verify effectiveness over time. As a result, organizations are better prepared to accept, mitigate and avoid risk in their operations.
What the system can do for you
Some of the key functionalities of the TricorRadar RCSA module is as follows:
- Embed and integrate risk management in business processes and objectives.
- Supports multiple risk management standards and approaches ensure consistency with best practices. Full flexibility to amend forms and system processes allow the system to be catered for your exact needs.
- Structure risk and internal control reviews and testing via a risk-based approach.
- Link risk management directly to decision making.
- Strong statistical analysis approach ensures entire Organization is connected and aware of risk management status.
- Active action tracking and notifications remind users and management when risk management tasks need to be performed or when issues occur.