Institutions in the business of banking with fiduciary responsibilities are expected to setup multiple lines of defense to safeguard public money & assets and maintain high operational standards to keep up with stakeholder’s expectations.
Surya’s OPSRISK module helps banks and other financial institutions to collect Operational Risk Incidents (Incident Register) and automate Risk Control & Self Assessment Policy (RCSA).
While RCSA framework is an ex-ante operational risk defense utility, Incident Register serves as post-facto incident logging mechanism.
RCSA framework covers:
- Creation of Risk Libraries by listing
- Business Processes & associated Activities
- Business Risk Elements (Risk Events, Sources of Risk, Category of Risk, Risk Controls, KRIs)
Incident Register on the other hand, gives support in:
- Logging risk incidents by all personnel of the
- Classification of incidents as per institution’s policy (usually
driven by COSO or BASEL guidelines)
- Supervisory review by control departments from Head Office
- Capturing monetary losses and tracking recovery tranches
- Setting up Corrective Action Plan with definite deadlines
features at a glance
Default scoring models configured for both retail and corporate clients.
Users can define and store any number of scoring models specific to certain category of clients.
Various attributes pertaining to credit worthiness can be defines as ranges or options. Weights can be assigned to attributes to weigh one attribute over the other.
Credit work file allows to record all information right from file creation, pre-approval, to risk assessment to final disbursal. Comments and information added at each stage can be viewed along with the file.
SMERATE HELPS BANKS TO
- Replace paper based files with digital files increasing efficiency and retrievability
- Reduces the time required for loan approval process
- Brings about more objectivity in the loan approval process wherein standard underwriting principles are used for credit evaluation.