The OCTFOLIO Hazardous Material Information Management Software allows users to accurately model risks associated with the management of hazardous containing materials within a building or asset portfolio. OCTFOLIO uses Microsoft risk modelling technology that can be presented in various forms such as charts, graphs and statistics.
The term ‘model’ refers to a quantitative method, system, or approach that applies statistical, economic, financial, or mathematical theories, techniques, and assumptions to process input data into quantitative estimates. A model consists of three components: an information input component, which delivers assumptions and data to the model; a processing component, which transforms inputs into estimates; and a reporting component, which translates the estimates into useful business information.
Models meeting this definition are used for analysing business strategies, informing business decisions, identifying and measuring risks, valuing exposures, instruments or positions, conducting stress testing, assessing adequacy of capital, managing client assets, measuring compliance with internal limits, maintaining the formal control apparatus of the bank, or meeting financial or regulatory reporting requirements and issuing public disclosures. The definition of model also covers quantitative approaches whose inputs are partially or wholly qualitative or based on expert judgment, provided that the output is quantitative in nature.
The ability to accurately model risks can provide a wide range of advantages for any organisation. Over the past decade, most organisations have enhanced their enterprise risk management (ERM) practices in response to both internal and external influences. Internal influences include competitive, strategic and corporate governance considerations while external influences have arisen from legislative, regulatory and international policy initiatives, as well as market-driven responses to a range of national crisis, such as asbestos in Telstra pits and/or asbestos in public schools. The OCTFOLIO Hazardous Material Information Management Software allows enterprises to clearly understand and get on top of their exposure to asbestos-related risks and provides management teams with important insights that allow for data driven decision-making.