Operational Risk Management

Enterprise risk management systems

We implement comprehensive automated risk management solutions for banks, financial institutions and businesses. Our solutions help identify, measure, control and reduce operational and credit risk and keep our clients financially resilient

Why implement an operational risk management system

  • To manage business processes effectively you have to account for core and regulatory risks, identify and interpret them correctly, keep them under control and take the measures needed to reduce them. This is why financial and non-financial organizations need new technology solutions that identify, assess, mitigate and monitor risk automatically,
  • enterprise risk management systems reduce losses from risk, save employees' time and ensure compliance with the requirements set by regulators and by the National Bank.

The Prime Source risk management system

Prime Source implements enterprise risk management platforms for the automated identification, assessment, mitigation and monitoring of operational, information technology and information security risk.

We offer one single solution: a document management tool, decision-making monitoring, risk and control self-assessment, risk event data, key risk indicators, scenario analysis, action plans and reporting.

In our work we rely not only on IT infrastructure but also on our own experience — real cases and models proven in practice on live projects.

The members of our team bring experience and knowledge gained over many years of work in major financial institutions.

  • One single solution

    A solution that combines the full functionality for identifying, assessing, mitigating and monitoring enterprise risk (operational risk, IT and information security risk, business continuity), presenting all risk data in one place – risk and control self-assessment, risk event data, key risk indicators, scenario analysis, action plans and reporting.

  • Effective management

    The system combines a document and process management tool with monitoring and decision-making features, so that organizations can analyze, manage and mitigate risk in a simple and effective way and build a business continuity management framework.

  • A comprehensive answer to your tasks

    • Incident identification and assessment • Grouping of incidents into risk categories • Development of key risk indicators • Development of an operational risk map • Operational risk self-assessment • Scenario analysis • Management of information technology and information security risk • Building an internal control framework for business processes

What the client gains from automation

  • 1 Optimized processes

    Less manual work and higher staff productivity thanks to optimized risk monitoring technology

  • 2 Fewer errors

    A lower probability of errors, better internal processes and stronger internal control procedures

  • 3 Faster decisions

    Faster decision-making and a better quality of clients. Risk factors are identified in good time and measures to eliminate them are put in place

  • 4 Lower costs

    Lower costs thanks to the efficient use of human resources. A significant reduction in the damage caused by risk events

  • 5 Lower operating expenses

    Greater efficiency and lower operating expenses thanks to optimized processes

  • 6 Regulatory compliance

    Compliance with Basel requirements and those of the national regulator

Unlike banks in the West, many banks across the CIS have no single system for accumulating and analyzing data on operational risk losses. Building a comprehensive system is neither a quick nor an easy process, but unless banks start now they will simply be unable to assess their operational risk realistically and to determine how much capital they need to cover it.

Why Kazakhstani banks
choose Prime Source solutions

  • Products from other
    vendors
  • Hard to tailor to a particular client
    Off-the-shelf offerings from large companies are harder to customize, configure and adapt to the realities of a particular customer, because they use closed source code and/or are designed for one specific market
  • Costly implementation
    Solutions from large, well-known international players are usually more expensive and take longer to deploy. Additional products and licenses have to be purchased
  • Slow feedback
    Because of the time difference with a foreign support service, a quick answer to a request is not always possible
  • The Prime Source
    product
  • Easily tailored to any client
    We build on our own technology, which makes our solutions more cost-effective, faster and more efficient. No additional modules or licenses are required. Once our system is in place, you will be able to maintain it yourself
  • Cost-efficient implementation and support
    We build on our own technology, which makes our solutions more cost-effective, faster and more efficient. Once our system is in place, you will be able to maintain it yourself
  • Available 24/7
    Our clients receive a response within minutes

An operational risk management system for organizations

  • For banks and financial organizations The system makes it possible to manage operational risk effectively in second-tier banks and in medium-sized and large financial organizations. Prime Source has implemented the platform in 3 Kazakhstani banks
  • For non-financial organizations The Prime Source enterprise risk management platform is a good fit for industrial and trading enterprises, government bodies and the corporate sector

Advantages of the PRIME SOURCE operational risk management system

  • Risk identification

    The system identifies all the main risks, puts controls in place and supports the development of action plans. It helps you set up the collection of key risk indicators and analyze the core metrics of the risk management process

  • A stronger rating

    The solution removes regulatory risk and helps maintain and improve the company's rating through genuine compliance with legal requirements and international enterprise risk management rules

  • Lower costs

    The system saves employees' time on the day-to-day fulfilment of enterprise risk management requirements and procedures and ensures maximum staff involvement and efficiency

  • Smaller losses

    The solution delivers a real effect from risk management activities: it minimizes losses and materialized risks, makes it possible to take effective preventive measures and reduces risk provisions

  • Optimized processes

    The system helps optimize enterprise risk management processes and cut the cost of IT systems. It allows you to unify and centralize the management of operational risk, IT risk and information security risk together with internal control, audit and business continuity management processes

  • A comprehensive solution

    The system is one single solution: a document management tool, decision-making monitoring, risk and control self-assessment, risk event data, key risk indicators, scenario analysis, action plans and reporting/li>

Ten modules included in the base solution

  • 1

    Events module A module for collecting operational risk event data

  • 2

    KRI module A module for collecting key risk indicator data

  • 3

    Risk self-assessment module The module covers risk and control self-assessment by process and by business unit (RCSA)

  • 4

    Scenario analysis module A module for running scenario analysis

  • 5

    Reports module A module for generating reports

  • 6

    BPM module A module for creating, changing and editing operational risk management processes

  • 7

    Action plans module An Action Plan module

  • 8

    Administration module A module for administering the system

  • 9

    Reference data module A module that stores and processes data and provides information to the users of the system

  • 10

    External source integration module A module for configuring two-way interaction with third-party information systems



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