- Operational Risk Management - Risk and Control Self Assessment (RCSA)
- Operational Risk Event Reporting and Operational Loss Database Management
- Control Log for corrective action plans.
MEGA offers a more integrated GRC platform to facilitate enhanced coordination between the functions of Risk, Compliance, and Internal Audit on a single platform solution - HOPEX. The product for us is still in the testing/onboarding phase, hence I cannot give a firm opinion on the product's performance.
So far, the GUI seems more visually appealing than the traditional Nasdaq-BWise application that I am used to. The dashboard on the homepage makes for an enhanced view at a glance of the various work functions applicable to the user. The tabs seem to show a wide array of functions and a promise of higher interactivity.
Standardization is lacking. The Operational Risk Function will be more effective if it at a default level follows established Basel standards for Loss categorization, Risk Assessments, Risk Event categorization, etc.