OneSumX for Risk and Controls Assessment | Wolters Kluwer Financial Services OneSumX
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OneSumX for Risk and Controls Assessment

  • The historical approach to risk assessment involves business line managers providing information through a framework devised by risk and compliance specialists. While the data gathered in this way is important, it only tells part of the story. OneSumX for Risk and Controls Assessment provides the high-level, whole picture view required to effectively understand risk across the organization.

    This solution can help you: 

    • Automate risk assessment processes
    • Schedule and distribute risk assessments to various stakeholders
    • Maintain a central repository of risks and controls that can be assigned to multiple business units and owners
    • View risks in historical context of associated issues and losses
    • Customize scoring and calculation of inherent and residual risk
    • Associate risks and review in context of authoritative sources, policies or relevant issues

    Risk Assessments and Controls Libraries

    Unlike many other technology vendors, risk assessments comes complete with several risk and controls libraries specifically designed for the financial services industry that can be used as both a starting point for assessments and as a benchmark throughout the risk management process. These libraries contain standard risks and controls for regulations and standards. Each risk and control contains a pre-existing taxonomy of function, activity, process, risk category, and a linked authoritative source which allows users to report on overall risk by multiple angles across the enterprise.