What software assists users through each of the five steps of ORM?

The software that assists users through each of the five steps of Operational Risk Management is known as TRACS. This program is specifically designed to facilitate the ORM process by providing structured guidance and tools that help organizations identify, assess, manage, and monitor operational risks effectively.

TRACS is typically built with user-friendly features that streamline the workflow across the various stages of ORM, ensuring that practitioners can maintain a comprehensive and systematic approach to risk management. This includes functionalities for risk identification, analysis, response planning, monitoring, and communication of risks within an organization.

By following a structured methodology through the use of TRACS, users benefit from improved decision-making, enhanced risk awareness, and better compliance with regulatory requirements, all of which are fundamental to maintaining a robust operational risk management framework.