National Bank of Canada is using technology from Providus Software Solutions to manage its enterprise-wide operational risk management, Sarbanes-Oxley Act (SOX) and regulatory compliance operations.
The bank is installing the vendor's RiskResolve product across its three risk management practices. Providus says using a single system will preventing overlap among the three areas and help the bank drive down costs and allow staff to manage risks more strategically across the enterprise.
RiskResolve enables companies to implement an early-warning system of all operational risks by scoring objectively on three measures - inherent risk, control effectiveness and residual risk. The product enables real-time reporting and correction of risks and control failures as they are identified.
Jose e Thibodeau, senior manager, financial certification process management, National Bank of Canada, says: "To meet our compliance objectives efficiently and cost-effectively, we required an easy-to-use and reliable risk management software that has the flexibility to fit in with the bank's business and operational needs."