Does CARE allow for using incident data to revise impact and probability estimates?
The event tracking module allows Risk Management to analyze the cause of the risk
and re-evaluate the mitigating controls and original impact and probability estimates.
Is CARE compliant with Basel II Operational Risk sound practices and AMA requirements?
CARE is fully compliant with Basel II sound practices and AMA requirements in addition
to other regulatory requirements. To facilitate reporting to supervisory authorities,
regulatory reports were pre-populated on CARE. As part of CARE annual support, any
new reports requested by a supervisory authority are automatically added to the
system with no additional charges.
Is Risk Quantification available on CARE? What about non financial risks?
A weight is assigned by the system to each risk depending on its relative importance,
and the relevant parameters are easily configurable by Risk Management. These weights
are not only useful in ranking risks in accordance with their level of importance,
but they are relied upon in measuring the Entity's "Gap in the Control Environment";
one of CARE's unique features.
Does CARE allow for tracking remedial actions?
The "Diary module" is used to register all types of remedial actions, whether they
relate to adding controls, enhancing existing controls or taking action to prevent
the recurrence of loss events.
The same module is also used to track remedial actions raised by Internal Audit
How can CARE be used for risk and control monitoring?
A number of extremely useful tools are available on CARE to facilitate continuous
monitoring. One of these tools is the Dashboard screen. This is designed to appear
immediately upon logging into the system and provides - in graphical format - a
summary of all the exceptions tracked by the system including; controls that are
not working as intended, risks that are not controlled properly, delinquent remedial
actions..etc. By clicking on the charts, a report is automatically generated with
the details of all exceptions identified. The dashboard screen can be tailored to
meet the user preferences and only reports data on the entities the user has access
Another tool that was recently introduced in CARE 5.0 is the notification screen,
all types of exceptions are included in one location. The user can click on any
exception and the system will automatically forward him to the relevant screen(s)
where he can get more information and take action to rectify the situation.
Finally one of the most valuable monitoring tools is the Email Alert Module. This
is used to send email alerts to the relevant officers as soon as a predefined exception
is tracked. The module allows for up to 3 escalations and the system administrator
can define the frequency of alerts, the parties to be ccd and Bccd and can even
adjust the language in the body of the email.
Can scenario analysis be conducted using CARE?
Yes, this can be conducted in two different modules. The first, is the Loss Predication
module. Using this module, the historical loss data on CARE Event Tracking module
is relied upon to estimate the expected Operational Losses in the coming year in
accordance with different scenarios/assumptions determined by the user.
The second is the Diary (remedial action) module; which allows the user to study
the impact of suggested remedial action on the control environment
Is a system like CARE compatible with the work my Internal Audit does?
Yes; the Risk Database created by CARE can be used as the primary source of data
for Internal Audit planning and execution; in addition, CARE allows a fully "risk
based" Internal Audit approach to be adopted.