Algorithmics announced today that Alliance Bank Malaysia Berhad (Alliance), Malaysia's premier integrated financial services group, has selected and implemented the Algo OpVar Standard Edition solution for identifying, measuring and mitigating operational risk.
Alliance is a dynamic, integrated financial services group offering end-to-end financial solutions across Malaysia.
Alliance Group Chief Executive Officer, Ms Bridget Lai, said: "We looked at a variety of products to assist us in standardising our operational risk management processes throughout the group and chose the Algo OpVar Standard Edition solution, based on its reputation, the software architecture and the functionality it offers.
"Implementation of the Algo OpVar Standard Edition was rolled out in seven months and the support of the technical staff at Algorithmics has been very good."
Daniel Mudge, Group Managing Director for Operational Risk Business and Content Solutions at Algorithmics, said: "We are delighted to be working with Alliance. We believe that Algo OpVar 6 will help them to better manage their operational risks, as well as meet their regulatory and compliance targets.
"Our 'out-of-the-box' OpVar Standard Edition solution is based on industry best practice methodologies and proved attractive to Alliance because it provides a robust operational risk solution in a low risk, timely, cost effective way. OpVar Standard Edition helps clients make better business decisions by providing an integrated platform to identify, collect, and manage operational risk. We also have seen that OpVar Standard Edition can be reconfigured in the future to meet different requirements, as well.
"We look forward to continuing to work with Alliance in future and to extending our relationship with them."