MEGA and RiskBusiness International, renowned risk advisory firm, announced they have integrated new libraries of risk type and control type content and classification structures as offered in the RiskBusiness Taxonomy into the MEGA Suite. The new offering will help financial services firms accelerate the adoption of successful operational risk management programs.
“This collaboration creates a unique, out-of-the-box configuration of risk, process, and control types mapped into existing industry standards. It is much faster to deploy essential risk programs by bringing together audit, risk, and compliance management in an integrated framework like this,” explained Jonathan Davies, RiskBusiness managing director, Americas.
MEGA will also add 2,000 key risk and performance indicators from the RiskBusiness KRI Library alongside the libraries of business functions and control and risk event types. This will allow users to create a common understanding of risk management. The new offering will help companies:
quickly and accurately describe the risk environment using best practices definitions
rely on comprehensive business risk information and compliance standards to support a strong operational risk management program
establish a clear risk language shared across the enterprise.
“Our partnership expands MEGA’s ability to help companies achieve an even more comprehensive and accurate view of their risk profile and meet Basel II compliance requirements. Together, we will help financial services firms implement best practices in risk management and improve company performance,” explained Lucio de Risi, CEO, MEGA.
The libraries cover the detailed risk and control types that are necessary to document the business environment from an audit, compliance, or risk management perspective. The taxonomy integrates with the industry-standard KRI Library’s taxonomy of risks, processes, products and service types designed for financial services companies.
The new offering will be available in June.