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OpenPages joins software brands Cognos and SPSS to form the Business Analytics division of the IBM Software Group. The OpenPages name continues to be applied to IBM's line of governance, risk management, and compliance products. On November 17, 2020, IBM announced OpenPages would be included in their Cloud Pak for Data solution.
Promontory Financial Group, a wholly owned subsidiary of IBM (through their Consulting arm), is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.
Algorithmics was a Toronto, Ontario based company founded by Ron Dembo that provided risk management software to financial institutions. Founded in 1989, Algorithmics employed over 850 people in 23 global offices, [1] and served more than 350 clients, including 25 of the 30 largest banks in the world, and over two thirds of the CRO Forum of leading insurers.
Risk management is predicting and managing risks that could hinder the organization from reliably achieving its objectives under uncertainty. Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company's policies, procedures, etc.).
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
The COSO "Enterprise Risk Management-Integrated Framework" published in 2004 (New edition COSO ERM 2017 is not Mentioned and the 2004 version is outdated) defines ERM as a "…process, effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify ...
IBM ODM is an implementation of a Business Rule Management System. It allows the creation, management, testing and governance of business rules and events and stores them in a central repository where they can be accessed by multiple individuals and software products.
An IT risk management system (ITRMS) is a component of a broader enterprise risk management (ERM) system. [2] ITRMS are also integrated into broader information security management systems (ISMS). The continuous update and maintenance of an ISMS is in turn part of an organisation's systematic approach for identifying, assessing, and managing ...