Sword, the leading oprisk management solution from Ci3, has been deployed in Banco General, one of Central America's biggest banks.
Banco General is one of the largest banks in Central America, with 60+ branches in Panama, and representative offices from Mexico to Colombia, offering a complete range of retail, corporate and private banking services. The deployment of SWORD, which was led by Ci3 partner SunGard, was completed within 3 months, ahead of time and under budget.
Speed and completeness of deployment within the timeframe was key for Banco General, with other vendors insisting that deployment would require upwards of 100 consulting days. The SWORD implementation was completed within 3 months and required just 30 consulting days from Sungard. Since deployment, all oprisk issues and actions across the bank are captured and reported on within SWORD. Loss event data from each of the bank's 60+ branches is fed back to the operational risk team.
"This deployment simply proves that SWORD delivers the functionality it promises in an easily understood and easy to use format" says Richard Pike, Director of SWORD Product at Ci3. "Financial institutions do not want to be faced with open-ended consultancy agreements, and the fees they incur, to continually coax results from poorly performing or difficult to deploy solutions. So this deployment underlines SWORD's recent ranking by professional oprisk end users as ‘best overall oprisk solution'.