An innovative tool for managing operational risk is brought to you by Ernst & Young LLP and J.P. Morgan. The two global companies joined forces to launch Horizon.

Horizon works to show companies exactly what operational risks they are facing and helps save them time and money by streamlining manual control procedures. The standardized nature of Horizon’s reporting also will help all managers of all levels to identify and understand a company’s risks.

Currently, companies typically rely on control self-assessment (CSA) programs to manage risk. However, CSAs can be very costly and may not provide accurate results due to the methods used. E&Y’s Risk Management Practice is offering Horizon to the public to help companies obtain a more accurate risk assessment at a lower cost.

Don’t worry about Horizon’s "break in" period. The software has been in place at J.P. Morgan for a while now. It’s just being offered to a broader audience because “good risk management benefits everyone.”