Source: Chase Cooper
Chase Cooper, a market leader in the provision of risk management solutions, today announced that MIBANCO, the leading private financial institution serving micro enterprises in Peru with 74 offices nationwide has selected 'aCCelerate' as it's platform for managing Operational Risk throughout the group.
In 2005, one in every three micro enterprise borrowers in Peru was a MIBANCO client. One of every two new banking offices to open in Peru belonged to MIBANCO, thus extending financial services to all micro enterprises and low-income individuals with limited access to credit. In 2006, it was awarded for its contribution to the microfinance industry by the Inter Development American Bank for Latin America and the Caribbean,
Jose Delgado, Head of Risk for MIBANCO said" We selected aCCelerate due to its wide functionality, high performance and scalability. In addition it covers all of our requirements for not only Operational Risk management but also for Sarbanes Oxley obligations.
The system will be an enabler to take us from Risk and Control assessment, Causal Loss analysis, Key Risk Indicator management, right through to the Advanced Measurement Approach. We have all of our needs covered in one integrated, cost effective solution that is proven in a number of the largest, and most demanding financial institutions in the world."
John Kiddy, CEO, Chase Cooper said "The microfinance industry is a massive growth area, as the spotlight on global poverty increases. Technology has been a key enabler to the rapid success of MIBANCO. In less than 5 years it has joined a niche group of global microfinance commercial banks serving the needs of low income individuals.
A key focus for the bank was to implement web enabled technology which fully integrates data and outputs required for Operational Risk and SOX. aCCelerate provides seamless integration and will be implemented domestically and in MIBANCO's expansion into other South American countries. We welcome MIBANCO to the fast growing list of global financial institutions using Chase Cooper's risk management solutions."