OpenPages®, a leading provider of enterprise GRC management solutions that optimise business performance, today announced that ICAP, the world’s premier voice and electronic interdealer brokers, has selected the OpenPages Operational Risk Management (ORM) module to manage their operational risk and compliance requirements, improve reporting and develop an extensible and repeatable operational risk framework. ICAP selected OpenPages ORM due to the solution’s proven technology and success for governance, risk and compliance (GRC) management initiatives.
ICAP is the world’s premier voice and electronic interdealer broker and the source of global market information and commentary for professionals in the international financial markets. The group is active in the wholesale markets in interest rates, credit, energy, foreign exchange and equity derivatives. ICAP has an average daily transaction volume in excess of $1.5 trillion, more than 60% of which is electronic. ICAP plc was added to the FTSE 100 Index on June 30, 2006.
“For global companies like ICAP, ensuring that risk management activities are sound across the enterprise is critical to the success of the business,” said Herve Geny, global head of risk, at ICAP. “In ICAP’s case, we see risk management as an opportunity for significant competitive advantage, and we believe that OpenPages ORM can help realise this opportunity through its highly configurable risk management framework. We are pleased to be partnering with OpenPages on this effort.”
OpenPages will be able to address all the key drivers for ICAP’s operational risk and compliance objectives, including the ability to:
• Ensure the Robustness of Controls – As a firm with fast changing contours, ICAP needs to maintain and improve the ongoing quality of its internal controls.
• Extend the Risk Management Framework – In selecting a risk management solution, the ability to put into place more transparent controls of remote businesses to gain greater visibility was a critical element for ICAP.
• Provide Standardised Risk Reporting – ICAP was in search of a solution with the ability to combine each office’s risk reporting processes into a single, company-wide uniform platform and approach.
• Enhance Compliance – ICAP needed a solution that facilitates compliance with various regulatory requirements.
• Enable Convergence – ICAP’s main driver in selecting a risk management software was to accelerate the convergence of risk management, compliance and internal audit processes into one consistent framework.
As part of the OpenPages Platform, OpenPages ORM is a key building block in implementing an enterprise-wide, integrated approach to risk and compliance management. OpenPages ORM delivers a policy-driven, process-centric way to manage risk through self-assessments, end-user surveys, automated workflow and executive dashboards that provide management with the visibility, control and decision support required to understand and manage risks throughout the organisation to optimise business performance.