Icelandic banking group Glitnir has rolled out operational risk management technology supplied by Toronto-based vendor Algorithmics.
The bank has implemented the standard, out-of-the-box, edition of Algorithmics' Algo OpVar software product for operational risk management.
The vendor says that Algo OpVar offers an integrated view of the bank's operational risk, bringing together internal loss event data collection, external loss data, risk and control self-assessments, key indicators, structured scenario analysis, capital modelling and risk mitigation strategies.
Freyr Thorarinsson, Glitnir, says: "We looked at a variety of products to assist us in standardising our operational risk management processes throughout the group and chose the Algo OpVar Standard Edition solution, based on its reputation, the software architecture and the functionality it offers."
Algorithmics says integrated nature of its Algo OpVar system enables an institution to select only the functionality immediately required and to add more if and when desired. As a result, it can scale to meet a company's changing needs and requirements as well as evolving regulatory and rating agency requirements.