Operational Risk Management
Turn Uncertainty into Strength. Manage Risk with Clarity and Control.
Operational risk is no longer just a back-office concern—it’s a board-level priority. From cyber incidents and third-party disruptions to regulatory shifts and control breakdowns, today’s risk landscape is more complex than ever.
Connected Risk® Operational Risk Management helps organizations proactively identify, assess, respond to, and monitor risks across the enterprise. Designed for risk professionals who need real-time visibility and actionable insights, our platform equips you with the tools to embed risk-aware thinking across every line of business.
Why Risk Leaders Choose Connected Risk®
Unified Risk Framework
Map risks to business units, processes, regulations, and controls in a single, centralized system—creating a clear picture of where your risks live and how they interact.
Real-Time Risk Register
Maintain a dynamic, up-to-date view of your organization’s risks. Track ownership, severity, likelihood, impact, and mitigation status with precision.
Configurable Risk Assessment Workflows
Design and automate risk assessment workflows tailored to your methodology—whether you're using qualitative, quantitative, or hybrid models.
Action Plans & Ownership
Assign mitigation actions with deadlines and accountability. Keep teams aligned with automated notifications and dashboards that surface overdue tasks.
Incident & Loss Event Tracking
Log operational losses, near-misses, and emerging issues. Link events to impacted risks, controls, and remediation efforts to close the loop on lessons learned.
Key Risk Indicators (KRIs)
Monitor early warning signals with real-time KRIs. Set thresholds, receive alerts, and visualize trends before small issues become major exposures.
Key Features at a Glance
Centralized Risk Register with Full Audit Trail
Capture, categorize, and manage all operational risks in a unified register—complete with historical tracking, version control, and full audit trails for every change made. Ensure traceability and accountability across your risk program.
Automated Risk Scoring & Heat Maps
Leverage configurable scoring logic to evaluate inherent and residual risk. Visualize enterprise exposure with dynamic heat maps and matrices that reflect real-time changes—helping leadership prioritize actions based on actual impact and likelihood.
Control Self-Assessments (CSA) & RCSA Integration
Enable business units to perform regular control self-assessments through guided workflows. Fully support Risk and Control Self-Assessments (RCSA) with integrated scoring, evidence collection, and centralized issue tracking.
Configurable Risk Taxonomies by Business Unit
Support a decentralized or federated risk model by allowing each division to define its own risk categories while still rolling up into an enterprise-wide view. Maintain consistency with corporate standards while honoring business-specific nuance.
KRI Tracking & Escalation Alerts
Set up Key Risk Indicators (KRIs) to monitor real-time signals of emerging issues. Define thresholds for automatic alerts and escalation to ensure timely response when indicators exceed acceptable limits.
Real-Time Dashboards for Executives & Risk Committees
Deliver on-demand visibility into the health of your operational risk program. Customize dashboards for senior leaders, risk committees, or business unit heads—providing clear insights into top risks, mitigation progress, and control effectiveness.
Full Integration with Audit, Compliance, and Vendor Risk
Break down silos by connecting operational risk data with internal audit, regulatory compliance, and third-party risk workflows. Understand how risks cascade across functions and ensure a unified approach to risk and assurance.
Microsoft Office for the Web Support for Inline Document Editing
Work directly in Word or Excel files without leaving the platform. Upload, view, and edit documentation in real-time—eliminating download delays, version confusion, and scattered audit evidenc
API Integration with Enterprise Systems (ERP, HR, ITSM, etc.)
Connect with key business systems to import, align, and synchronize risk data. Pull in events from your IT service desk, HR incidents, or ERP process failures to ensure timely risk identification and response across all functions.
Built for Modern Risk Functions
Operational risk teams are being asked to do more—with less time, fewer resources, and rising complexity. Connected Risk is purpose-built to meet this challenge, helping organizations move from reactive issue tracking to proactive, connected risk management.
Whether you’re aligning to Basel II/III, ISO 31000, or COSO ERM, or simply maturing your internal capabilities, Connected Risk delivers the structure, flexibility, and automation to match your operating model.
With support for custom workflows, risk taxonomies, and scoring models, the platform adapts to your business—not the other way around. It’s used by risk teams to:
Standardize risk identification and assessment across departments
Conduct and automate RCSAs and control evaluations
Track and respond to operational losses, near misses, and emerging issues
Enable the first and second lines of defense to engage with risk in a meaningful way
Provide real-time dashboards to senior leaders and risk committees
From financial services and energy to healthcare, manufacturing, and government—Connected Risk helps teams turn operational risk into strategic insight.
Get Ahead of Risk Before It Gets Ahead of You
Operational risk is dynamic. Your tools should be too.
Connected Risk gives you the clarity, collaboration, and confidence to manage risk proactively—before it disrupts operations or damages trust.
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Learn more about risk management from Empowered
Expand and integrate your solution with
Regulatory Change Management
Quickly identify, capture and manage multiple sources of risk across the enterprise.
Compliance Management
Aggregate & streamline compliance programmes and reveal an understanding of your risks.
Model Risk Management
Create and maintain your model inventory using effective workflow management.
"Powerful Platform For Compliance With Dynamic Regulatory Environment"
“The product is a powerful platform for regulated firms in the financial industry to comply with the ever-changing regulatory environment. The software helps my organization navigate rules and regulations, internal processes, and regulatory reporting requirements.”
Senior Associate, Finance Organization with an annual return of $1-3BN USD
Frequently Asked Questions about Operational Risk Management
Our innovative solution is the perfect fit for organizations seeking to gain a deeper understanding of their potential risks. Unlike other risk management platforms, our system is built on a foundation of comprehensive risk assessment methodologies and standards. This ensures that your organization is equipped with the tools needed to accurately assess even the most complex risks. Additionally, our software features a standard risk and control taxonomy, complete with many-to-many relationship mapping. This enables you to develop a model risk management plan that aligns with your organizational hierarchy. With our centralized library and ORM framework, you’ll have the power to document and manage a wide array of enterprise risks. Thanks to our real-time insights, you can stay proactive in your risk management program using powerful analytics, advanced heat maps, reports, dashboards, and charts. This helps you and your board of directors make informed decisions that optimize business performance.
Have you ever wanted to have real-time access to information about risk management programs in your organization? With our ORM system, you can easily view risks by organization, product, process or risk category. Plus, with customized role-based landing pages and dashboards, you’ll have easy access to all the information you need. Our advanced visualization tools provide a 360° view of your program with key metrics that allow you to gain insights on the effectiveness of your controls.
With Connected Risk® Operational Risk Management, you can easily measure and track key indicators for risks, controls, and performance, and set customized thresholds to identify potential threats before they become major issues. And with the added benefit of automated alerts and notifications, you’ll never be caught off guard by a risk breach again.
The Connected Risk® ORM solution is packed with advanced capabilities to streamline risk assessment planning and scheduling. With easy-to-use interfaces, users can conduct top-down and bottom-up risk assessments with ease. But that’s not all – our enterprise risk management system goes beyond the basics with the ability to define aggregating logic based on unique business needs. With both simple and weighted average methods, risk visibility has never been more accurate.