French banking giant Societe Generale has gone live with compliance risk assessment and management technology from MetricStream.
SocGen has initially rolled out the system in France and the UK for the corporate and investment banking division. A second phase implementation will see it extended to other parts of the bank, which operates in over 80 countries.
With banks around the world facing a barrage of new risks and regulations in the wake of the financial crisis, compliance and risk management has become a bigger priority, says the vendor.
It claims its technology will help SocGen streamline and simplify compliance by integrating risk assessments across countries, functions and processes, using a single platform.
MetricStream will enable the bank to conduct risk assessments and mitigation based on configurable methodologies and algorithms based on risk impact and likelihood.
Chris Davis, head, compliance, Societe Generale, says: "We believe we are the first global bank to conceive and implement an enterprise-wide Compliance Risk Assessment and Management platform -- it is a model in technology advancement that will potentially be a benchmark in the industry for how complex compliance challenges can be managed effectively."