Operational risk management software helps organizations identify, assess, and mitigate operational risks across all departments. It is designed to prevent losses stemming from factors like human error, process inefficiencies, or technological issues. Companies use these solutions to develop and implement strategies for effectively managing operational risks. Compliance officers and managers across various departments rely on operational risk management tools to share insights and collaborate on risk reduction and avoidance efforts. Often deployed as part of enterprise risk management (ERM) or governance, risk, and compliance (GRC) initiatives, this software integrates data from multiple systems, such as ERP or accounting software. Operational risk management tools can also be integrated with other risk management solutions, including IT risk management and environmental health and safety (EHS) software, to provide a comprehensive approach to risk control.
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