UK banking outfit HBOS has implemented Algorithmics' Algo OpData component to manage operational risk data across the enterprise.
Algo OpData, developed in conjunction with the UK banking group as part of the vendor's Algo OpRisk Data module, has been integrated with HBOS' in-house self-assessment tool and is being used across business lines to collect losses and near misses.
The OpData component allows Web-based entry, storage and reporting of key risk indicators, as well as tracking of losses, near misses and issues. Users at every level of the firm are able to collect, manage and report on a range of operational risk data.
Ammy Seth, head of group, operational risk, HBOS, says: "Our development relationship with Algorithmics has enabled us to align the Algo OpData functionality to the operational risk methodology developed within HBOS. Having an easy-to-use system for data collection has enabled us to roll out and reinforce operational risk management processes and policies, with new users becoming quickly familiar with the system."
Initially trialled by 20 staff, HBOS is expecting to increase user numbers to over 1000 by the end of next year.