Algorithmics announced today that National Bank of Greece (NBG), the largest financial institution in Greece, has selected Algorithmics' operational risk solution, Algo OpVar, to meet its operational risk management requirements.
NBG performed a thorough evaluation of vendor solutions before selecting Algorithmics' operational risk solution. The selection extends NBG's existing market risk relationship with Algorithmics and is a reflection of the bank's ongoing investment in enterprise wide risk management across all its operations in Greece and the Balkans.
NBG will use Algo OpVar, Algorithmics' award winning operational risk solution, to measure and manage its exposure to operational risk. The implementation will be supported locally by Systemic Risk Management, an Athens-based risk management solutions provider and an Algorithmics partner in the region.
Michael Oratis, General Manager of Risk Management at NBG, remarked that: "As part of our long term risk management strategy we used consultants to design our risk framework and then chose Algorithmics' operational risk software, Algo OpVar, to meet our requirements for full functionality and comprehensive risk management. Our selection process was extensive and involved all the major risk system vendors. We chose Algorithmics because their solution best fitted our needs and because they are able to go live quickly. In addition, their content and advisory services integrate with and augment their software to provide a unique operational risk management solution for us."
John Winter, Senior Vice President, Operational Risk Solutions, Algorithmics, said: "We are delighted that the leading bank in Greece has again chosen Algorithmics' risk management software. NBG has broadened its risk management portfolio and will be using Algo OpVar to bring operational risk and compliance into its risk management process. Together with Systemic Risk Management we look forward to implementing a system that will enhance NBG's enterprise risk management capabilities across the bank."
Aristides Protopapadakis, Managing Director of Systemic Risk Management, added: "The financial crisis has highlighted the need for financial institutions across the world to strengthen their risk management capabilities, including in the domain of operational risk. In this context, we are very excited to have been selected by NBG which is well respected for its sound risk management and also for partnering with Algorithmics which is the world's leading provider of risk solutions."