Benifits of this approach

Implementing fORM will provide users with:
The ability to establish and enforce sound management practices across their organisation.
The ability to capture loss / near miss data as recommended by the Basel Committee in their Consultative Papers for Operational Risk.
A formalised means of logging risk information across multiple business units. All users are provided with a management tool to record, assess, treat, and monitor risks specific to their business area.
A risk management approach which enables risks to be managed locally and collated centrally. Data collected by the users at the business unit level can be rolled up and viewed at a Company-wide level.
Increased security applied to the access of confidential information. Security ensures only authorised users have access to data stored in the database.
A consistent corporate approach allowing skills transfer across the business. Consistency is maintained centrally through the Designer Tool. Defining the risk framework and variable settings in the Designer Tool ensures consistency in risk management approach and terminology across the business.
Improvements to the quality of data capture and use. The system provides a structured environment for the collection and treatment of risk information. Data recorded in the database can be readily accessed for analysis, monitoring and reporting purposes.
Reduction in manual processes and elimination of duplication. One of the primary benefits of automation is an elimination of duplication. The system has a sophisticated linking facility, enabling many-to-many relationships to be created and effectively managed.
Improved management reporting. fORM has sophisticated reporting (both ad hoc and generic reporting) available. Reports can be generated at an individual business unit level to identify key risks for that unit or at a Company level to identify major risks facing the company.
Delivery of more informative results than conventional spreadsheets. Updated reports can be generated from the system at the touch of a button, improving report turn around time. This ensures resources are spent collecting and analysing key risks rather than reporting on those risks.
The ability to facilitate greater integration between risk management and the audit function. fORM has been specifically developed for risk managers and internal auditors to automate risk and control assessments. It is used to provide a common risk and control universe between the Client's operational risk initiative and the traditional internal audit activity as is increasingly being required by Banking Regulators