Operational risk management (ORM) is part of a growing category of integrated governance, risk and compliance (GRC) software solutions focused on supporting a broader enterprise risk management (ERM) program. Gartner defines true ERM as "the strategic and holistic treatment of all organizational risks, including credit and market risks, as well as operational risks." Gartner defines operational risks as those risks that "relate to the uncertainty of daily tactical business activities, as well as risk events resulting from inadequate or failed internal processes, people or systems, or from external events." Operational risk management (ORM) software solutions allow organizations to aggregate and normalize data from multiple data sources, including operational and financial systems, as well as from external sources such as regulatory alerts and loss event databases.
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