Recently Laura Mooney, Vice President of Communications for Metastorm, was featured in OpRisk & Compliance. In the article, The benefits of alignment, Mooney emphasizes that a BPM initiative can virtually pay for itself in return on investment—especially when coupled with risk management techniques.

BPM and operational risk management naturally complement each other.

With BPM, users can gain insight into their processes and, when viewed from a risk management perspective, identify potential risks and ensure that processes are being carried out in a way that minimizes danger—creating a robust and flexible method for managing operational risk.

Mooney comments that if banks and insurance companies had better understood and documented their processes—putting business process management technology in place to instill automation and control while ensuring better visibility into people, systems and processes—they could have avoided many of the problems and risky practices that contributed to the financial crisis, or, at the very least, been better prepared for recovery.

Mooney explains, “When you put your processes online, suddenly there is a greater level of transparency. People can see exactly what is going on and can audit things at any given time. They also have layers of dashboards in place for different levels of management so that they can see exactly what is happening at any given time. That is powerful information, because the more visibility people have, the more able they are to identify particular areas of risk and take action much more quickly.”

Developing greater visibility, repeatability and control while maintaining a comprehensive audit trail is key to successful risk management and compliance.

To learn more about Metastorm’s risk management solutions, visit our Solutions for Risk Management & Compliance library.

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