DBS Bank today announced that it has successfully implemented Reveleus Operational Risk - Version 3.3 (formerly known as Operational Risk Tool Suite – ORTOS), as its firm-wide Operational Risk Management system.
DBS is one of the first organisations in Asia to implement the tool, which enables firm-wide monitoring and management of operational risk in line with Basel II standards.
Reveleus Operational Risk, implemented in partnership with consulting firm Capco, provides DBS with the capability to capture and analyze operational risk profiles across multiple locations, business lines and products in an efficient, consistent and integrated manner using a simple workflow. It is a web-based tool that facilitates the capture of operational risk losses, conducts control-self assessments, monitors key risk indicators and assigns and tracks risk mitigating actions. Reveleus Operational Risk Solution is part of Reveleus' globally successful Risk Analytics Suite which has won international industry recognition. Celent Research recently named Reveleus among the top three Operational Risk vendors and TowerGroup ranks Reveleus' Basel II solution amongst the best in this domain.
Chng Sok Hui, Managing Director and Head of Group Risk Management at DBS, said: "DBS is committed to be at the forefront of risk management practices and standards among banks in Asia. The implementation of this tool is another significant milestone in the evolution of Operational Risk Management at DBS. The tool is an enabler to change within DBS and allows our business units and support units to monitor and manage their own operational risk rather than use the tool for collecting operational risk data just for regulatory compliance. This approach is really about putting operating risk management on the desktop of our staff, which is key to shaping our risk management culture. "
S Ramakrishnan, CEO of Reveleus, said: "We are very pleased to be working with an institution such as DBS which recognizes Operational Risk as not just a regulatory requirement but a strategic step towards sound business practices. Reveleus Operational Risk is committed to being a best-in-class solution that enables managers trs to effectively prepare for future uncertainties and the associated risks and opportunities for financial institutions."
Separately, Reveleus, a business of i-flex solutions and a global provider of analytical applications for the financial services industry, today announced that Interbank, one of Peru's leading commercial banks, has selected Reveleus Operational Risk as its enterprise-wide Operational Risk Management platform.
Reveleus Operational Risk will provide Interbank with a comprehensive system to monitor operational risk on a continuous basis for real-time escalation and remediation. Reveleus' solution will provide the foundation for Basel II regulatory reporting and can be used for economic capital calculations as the bank may require in the future.
Reveleus Operational Risk is part of Reveleus' globally successful Risk Analytics suite which has won international industry recognition. While other Reveleus Risk solutions are currently in use at various Latin American and Caribbean banks, this customer engagement marks the entry of Reveleus as a strategic operational risk solution provider. Celent Research recently named Reveleus among the top three Operational Risk vendors in the world.
Speaking on the new relationship, Mr. Francisco Quezada, Manager- Operational Risk at Interbank said, "As a major bank in Peru, we strive to set the standard for Risk Management, Compliance and Internal controls. Reveleus Operational Risk was chosen for its extensive functionality and adaptability to our very specific risk management processes."
Commenting on the win, Anand Pitre, i-flex's Regional Sales Director for Latin America and Caribbean, said, "Latin American banks are becoming increasingly aware of the critical importance of managing risk in their daily operations. This customer win is a testament to Reveleus' suitability for the region and expands i-flex's presence into new countries in Latin America."
S Ramakrishnan, CEO of Reveleus, said, "We are excited to support Interbank's Operational Risk strategy and execution; we expect very tangible benefits to flow from the bank's unique approach to Operational Risk as a driver for operational improvement and compliance initiatives. Reveleus Operational Risk is committed to being a best-in-class solution that provides our clients with actionable insights to improve both processes and operational risk capital management."