Overview of CAREweb™

The system can be configured to enable individual organizations to work with the AIRMIC/ALARM Risk Management Standard that uses 3 levels of Probability and Impact, the Australia/New Zealand Risk Management Standard that uses 5x5, or any other combination. Descriptions relating to the levels of Probability and Impact, the organization structure, and risk types can all be easily configured to the requirements of the user organization.

Key features of the system:

• Risk Profiles can be done for functions, processes, products or a combination of all three
• Basle II and Sarbanes - Oxley reporting can be done as a routine activity within the day-to-day Risk Management activity
• The system allows for linking the entities risks to identified business processes or objectives
• Internal Audit planning and operations can be integrated with the Risk Management activity
• The system fully supports Control and Risk Self-Assessment (CRSA) processes
• Full “event capture” capability
• Unlimited number of users
• Allows authorized users unrestricted access to the system via an internet connection
• Upgrades are installed as required on the host server on a continuing basis, with no disruption to the client’s use of the software
• Flexible configuration of probability and impact levels - 3x3, 4x3, 5x5, search facility for all listings within the software, etc.
• Enhanced reporting with concise graphical output
• Audit log embedded
• The system is fully compatible with Microsoft applications and other products, which means that data can be exported directly into applications such as Word, Excel, Explorer, PDF, etc.

CAREweb™ has a number of useful modules including:

Event Tracking Module:

Tracks “actual” operational losses and “near-misses,” analyzes them, and links the results of this analysis to the relevant business unit risk profile. It is also designed to allocate each loss to the relevant Basel II category and business line (a regulatory requirement for Financial Institutions) and use the event data to refine the CRSA model. In addition, this risk data can be modeled, using algorithms built in conjunction with the Maths department at Sussex University, to run a series of Risk Prediction scenarios.

Corporate Governance Module:

Generates a suite of standard reports to senior management and the Board on the status of risks and controls for the organization as a whole, in accordance with Basel II Operational Risk Management requirements.

Internal Audit Planning Module:

Allows the Internal Audit function to utilize the database of risks and controls for the implementation of a Risk-Based audit plan and methodology.

Composite Risk Module:

Captures and assesses Accumulating Risks. These risks are then ranked by the system in accordance to their level of importance.

Business Analysis Module:

Allows for drawing a Flow-Chart and capturing the relevant risks and controls throughout the business processes. The captured risks and controls are automatically added to the business unit's risk profile.

Diary Module:

Allows recommendations to be keyed in the Diary System to assist Risk Management in following-up on the implementation of these recommendations in accordance with a pre-approved action plan.

Key Risk Indicator Module:

Allows for monitoring and reporting selected Key Risk Indicators and linking the results to the “events” database and CRSA module. A dashboard is also available to facilitate monitoring KRIs and other Risk Management data.

One of the unique features offered by CAREweb™ is its ability to quantify the strength of a certain function’s control environment. This is referred to as the “Gap in the Control Environment”. The bigger the Gap, the weaker the Control Environment. CAREweb™ also differentiates between a weakness caused by lack of controls and controls that do not work as intended.

For more information about CAREweb™, please visit CAREweb™ website