Source: Centerprise Services
Centerprise Services, Inc. announced today that the Risk Management Association (RMA), a nonprofit, financial services association with 3,000 institutional members, has selected Centerprise as its core solution provider for RMA's online operational risk service to be offered to its member institutions on a subscription basis.
The solution, RMA OpRisk Tools, will cover all elements of operational risk as well as Sarbanes-Oxley. It has been designed as a comprehensive and affordable risk management service specifically to help small and medium-sized institutions manage their operational risks and controls.
"We are delighted to be working with Centerprise on delivering a robust yet very affordable risk management solution to our members", comments Charles Taylor, Director of Operational Risk for RMA. "We concluded Centerprise has both the functionality and underlying architecture to support the online subscription model that best meets the needs of our members," notes Taylor. RMA, whose primary purpose is to advance the use of sound risk principles and promote an enterprise-wide approach to risk management, will include knowledge delivery services and other elements to the OpRisk Tools offering.
Commented Reto Tuffli, CEO of Centerprise, "Smaller banks face considerable challenges and costs to address op risk and meet Sarbanes-Oxley and related requirements. This offering is an ideal delivery model for bringing value to RMA's small and medium-sized members. We are naturally very pleased to be working together with such a notable industry association to make the service a reality." Eric Yu, CTO of Centerprise, adds, "Centerprise will continue to serve the larger banks through our traditional software licensing model, though we have long targeted offering an online version of our solution as well. To be able to now deploy a subscription-based solution together with the RMA is a great fit at what seems like the right time for this sector."
The offering currently is in the process of being deployed to an initial pilot user group and will be offered to RMA's general membership in the 3rd quarter of 2005.