OPERATIONAL RISK MANAGEMENT (ORM)

Manage operational risk—on your terms.

Stay ahead of operating loss with the perfect balance of control and flexibility over operational risk.

Thousands of organizations are transforming the way they work.

Operational risks have nowhere to hide.

Workiva's operational risk management solution helps you identify, monitor, and manage your operational risk appetite with a singular view into risk from across the organization. Shed light on business-impacting operational risks that could lead to loss events before they happen, thanks to a modern platform that is easy to use and ready to scale. Finally, get the central view of real-time operational risk you've been looking for.

Get one lens into risk

Evaluate, score, assign, and collaborate on operational risks with a singular view. Access what you need instantly via multiple system integrations and interactive risk views.

Gather operational risk data from anywhere

Powerful integrations with source systems mean you get real-time updates any time, anywhere risk data is captured—from the warehouse floor to back office.

Pivot to risks in real-time

Tailor the Workiva platform to your unique operational risk management needs with purpose-built features like risk assessment, control testing, KRI management, event loss capture, and real time links into policy documents.

Engage the business

Enable risk-based decision-making. Reinforce your operational risk management strategy with easy-to-build risk trackers, full data history for auditability, unlimited license model, and dedicated support.

Risk and control self assessments (RCSAs)

Automatically generate RCSAs in a pre-determined cadence. Workiva's operational risk management solution fully supports multiple inputs into the RCSA, manages the workflow around RCSAs, and gives you the flexibility to leverage your own risk calculations and methodologies.

Risk heat maps

Generate a heat map from your connected operational risk data and turn your risk matrix into a color-coded heat map with meaning. Present your operational risk assessment results in a clear and concise visual format without ever leaving the Workiva platform.

Risk register

List operational risks in a dashboard and leverage a risk management tool you can trust. Meet compliance expectations with a real-time repository of all operational risks—complete with additional details about each, including nature of the risk, owner, mitigation measures, and more.

Event loss management

Track events and losses across your business, and see the status of those events in real-time. Events can be associated to risks, controls, processes, business units, and more. Financial gain/loss can be aggregated by each of those associations. Create action plans from each event and use automated workflows to request supporting documentation, reviews, and sign-offs.

KRI monitoring and reporting

Monitor operational risk in real-time across the business. With Workiva, you can move from simply detective to proactive and predictive risk management through the use of key risk indicators (KRIs). KRIs can be manually captured or sourced directly from your internal systems thanks to powerful integrations. See a list of connectors available, or utilize Workiva’s open APIs to connect to thousands of other systems.

Reporting and dashboards

Stay on top of things with dynamic KRIs, RCSAs, and event loss dashboards, all available within our operational risk management solution. You don’t need advanced data science or design skills to present critical information to stakeholders, whether it’s an ad hoc report or board presentation.

FORRESTER CONSULTING STUDY

The Total Economic Impact™ Of Workiva

Workiva commissioned Forrester Consulting to conduct a Total Economic Impact™ study on the Workiva platform for audit and risk management, ESG, and financial reporting.

Here are just a few of the results for a composite organization:

47% of controls eliminated by Year 3
60% reduction in testing time per control
$2.9 million saved in compliance testing and reporting over 3 years
95% reduction in time spent responding to clarifying questions per internal or external audit

Download the Study

forrester total economic impact of workiva illustration 2023

Support for your entire GRC program

SOX Compliance

Enterprise Risk Management

Internal Audit Management

Policy and Procedure Management

ESG Reporting

More ways to get the most from our platform.

Tips for Laying Your Corporate Governance Foundation

As you begin laying the foundation for your corporate governance, there are some important items to consider. Whether you're a newly public company or just starting your journey to going public, it's time to consider your ESG process, and the automation and tools that will help you build an effective program.

Download now

A Strategic Planning Roadmap for Internal Auditors

Internal audit guru, Rick Wright, shares his roadmap to developing a strategic plan for internal auditing.

Read blog

2022 State of the SOX/Internal Controls Market Report

SOX turns 20 years old in 2022. We conducted a survey to get the attitudes and opinions on everything from job satisfaction to automation of work. Download the report to get the findings.

Read report

Truth and trust at scale. We deal with the complexity so your team doesn't have to.

Request A Demo