Iceland's Glitnir Bank selects Misys Almonde for Basel II
10 July 2006 | 6588 views | 0
Icelandic bank Glitnir is implementing risk management technology from Misys in order to comply with the forthcoming Basel II Capital Accord regulations.
Misys says the Reykjavik-based bank will roll out its compliance and performance management platform, Misys Almonde. The system will automate regulatory reporting within the bank, giving it a comprehensive view of credit risk exposures.
Pall Isberg, Glitnir's executive director and head of projects, says: "By implementing Misys Almonde, we will also be able to maintain our competitive edge safe in the knowledge that we can meet the ever-changing demands on us in both regulatory compliance and risk management."
Isberg says the first phase of implementation will see Misys Almonde rolled out at the bank's headquarters in Reykjavik.
The Misys deal follows last week's news that Glitnir Bank is one of three Icelandic banks that, along with the Central Bank of Iceland, are implementing anti-money laundering and transaction monitoring technology from Dublin-based Norkom Technologies.