Mutual One, a company owned by eight UK building societies, has licensed Methodware's Operational Risk Co-Assessor (Orcas) tool to enable member firms to comply with the forthcoming Basel II regulations.
Mutual One was formed to help building societies act collectively on initiatives in order to take advantage of benefits afforded to larger organisations.
The company selected version 4 of Methodware's Orcas tool to support its operational risk management programme, which will enable member building societies to assess and manage operational risk in line with industry best practice and the proposed Basel II regulations as well as FSA and CAD 3 directives.
Orcas is specifically designed for risk managers and internal auditors who need to automate risk and control assessments. The product provides a link between an organisation's operational risk initiative and the traditional internal audit activity. A risk event (loss/near miss database) functionality is incorporated which complies with capital allocation for operational risk as outlined in the Basel II Accord.
Richard Carson, General Manager, Mutual One, says: "Orcas 4 provides an excellent solution to aid the building societies involved in this project with operational risk matters."