OpVantage, a vendor of operational risk management software jointly owned by NetRisk and PricewaterhouseCoopers, has won its second banking contract in as many weeks, with a deal at Banco Sabadell following an earlier agreement struck with ING of Holland.
OpVar is a combination of NetRisk's RiskOps software and PwC's OpVar risk management methodology and database.
Tomas Varela, controller of Banco Sabadell, says: “We undertook this project in order to better understand our operational risk exposures, quantify them, and direct mitigating actions...PwC and OpVantage offered us the only solution with an effective quantification approach that was useable for both operational analysis and capital, combined with production strength, proven technology”.
Earlier this month, OpVantage won its first client contract for OpVar with ING Bank.