The Bank of New York (BoNY) is rolling out the OpVar operational risk measurement and management software package from Fitch Risk subsidiary OpVantage, across the enterprise.
The bank has also signed up to OpVantage's external data offerings.
BoNY successfully piloted the data collection, analytics, reporting and modelling software, along with the external data system, prior to the roll out.
Marie Gaudioso, MD for BoNY's operational risk management department, comments: "We expect the tools to provide us with the flexibility to continuously enhance our methodologies and ensure that The Bank of New York remains at the leading edge of risk management best practices."
Scott Grayson, MD, head of global sales, OpVantage, says the bank provided "valuable input for the continued development of OpVar".