ORCAS - (Operational Risk Co-Assessor)

The Operational Risk Co-Assessor (ORCAS) software is an Object Orientated (OO) suite of components based upon a common technical architecture called the "Engine". The "Engine" enables the re-use of object components to be configured to suit a variety of specific tasks. OO also provides for the quick and simple addition of functionality that is required over and above the existing components.

ORCAS 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. A Risk Event (Loss / Near Miss database) functionality is also incorporated in readiness for Capital Allocation for Operational Risk as outlined in Basel II, Basic, Standardised and Advanced Measurement approaches.

Functional Specification

Architecture

· Object Oriented (OO).
Main Features

Hierarchical decomposition into "Entities/Processes", Business Units, Products or any other permutation.
Drilldown into the Risks and Controls associated with any given Entity to show the level of Risk and status of Control in any part of the organisation.
Powerful Object Linking gives true multi-dimensional capability. Risks can be linked to multiple Entities. Controls can be linked to multiple risks. Individual Risks can be
Linked to Business Unit, Process, and Product hierarchies.
Detailed definition of the Risks that relate to each Entity, including risk category, impact, likelihood, risk rating, and control score.
Detailed definition of the Controls within the organization and its effectiveness. Supports classification of control into such methodologies as COSO, COCO, CobIT, BIS, RATE etc.
Documentation and tracking of audit findings and action plans across the entire organisation.
The ability to capture incidents and events.
Easy to use. Extensive ability for users to customise drop-down descriptions / values
Audit Specifics

Audits can be structured at either Risk or at Control-level
Detailed documentation of audit activity. Review Notes can be attached to any data item
Final audit reports are produced from within the software. Includes documentation of findings, effects, recommendations and management response
Co-Assessment

Supports assessment of common risks across multiple units and consolidation
Well-suited to self assessment either in a workshop or a desk-based environment
Reporting

Powerful filter and sort facilities enable users to rapidly locate the information that they need to see
Excellent integration with Microsoft Word and Excel tools
Graphing and extensive standard reporting formats
Reports can be readily tailored to suit in-house styles and requirements
Ability to import and export data
Operating Systems & Hardware

ORCAS runs under Windows NT / Windows 2000 / Windows XP Professional Edition as the operating system.