Skandinaviska Enskilda Banken (SEB) is rolling out operational risk management technology supplied by London-based Optial to 21,000 staff across 20 countries.
Optial says SEB is deploying the Optial system over the next nine months with a broad functional scope that includes loss database, operational risk self-assessments, key risk indicators, internal control monitoring and policy distribution.
Philip Winckle, head of group risk control at SEB, comments: "It is essential to have an effective reporting infrastructure to ensure the use of the operational risk management tools and monitor risk management processes, as well as make a best estimate of the risks.
"Using Optial's operational risk software means that we will be able to demonstrate clearly to the supervisor that we are successfully meeting criteria for Basel II AMA recognition."
The vendor says the SEB project is one of the largest operational risk implementations ever undertaken by a major bank.
Chris O'Brien, CEO of Optial, adds: "Optial's system architecture has been expressly designed to meet all of the bank’s diverse requirements and to adapt to changing regulatory and operating conditions with a minimum of effort."