CARE© is currently being used by numerous well-known organizations in the region,
including 20 of the major banks operating in Saudi Arabia, Jordan, Qatar, Lebanon
and Palestine, which makes Grant Thornton - Middle East the number one provider of Operational Risk Management
systems for the banking industry in the Middle East. CARE is the only Operational
Risk Management software available in both English and Arabic languages. Please click on the following for a guided tour to CAREWeb
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.
CARE 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 modelled, 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 flowchart 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.
CAREweb Dashboard:
The module is designed to enable Risk Management and the Business Unit Heads to
monitor the following:
- status of kris relating to major risks
- status of compliance tests (the number of compliance tests that are late or those
that are not conducted yet)
- outstanding remedial actions.
- entities that exceed the acceptable control gap.
Working paper Module:
Allow users to upload working papers with the related risk/ control/ event, the
user indicate user groups the document is shared with.
One of the unique features offered by CARE 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.
CARE also differentiates between a weakness caused by lack of controls and controls
that do not work as intended.
Current UK clients include the London Stock Exchange, AXA Liabilities Managers,
Highways Agency, Foresters, Saga Group, Grant Thornton (UK), Anglia Regional Cooperative
Society and the Metropolitan Police. Attached please find a representative list
of Financial Institutions using CARE software in the Middle East.