18 December 2017
visit www.ebaday.com

BMO Financial Group subscribes to Algo First database

04 February 2010  |  2077 views  |  0 Source: Algorithmics

Algorithmics, the leading provider of enterprise risk management solutions, today announced that BMO Financial Group has signed a subscription agreement for access to the Algo First database of case studies, covering more than 9,000 operational risk events.

BMO, a global, highly diversified financial institution, is also an early adopter that developed operational risk best practices more than a decade ago. After evaluating available content sources and databases on the market, BMO selected Algo FIRST to supplement its management reporting, risk identification and risk awareness initiatives. The bank's risk management staff was also looking for a service that would assist with answering the following question which is at the center of an analysis of events that have happened to other institutions: could this event happen here?

Hamish Lock, Head of Operational Risk and Senior Operational Risk Officer, commented on the bank's decision to subscribe to the Algo FIRST Product: "We decided to subscribe to Algo FIRST because we needed a way to expand our knowledge and understanding of significant operational risk events that could be used to challenge BMO's operational risk profile." He added that the Algo FIRST solution "has already had a significant influence on the development of operational risk scenarios and has many enthusiastic users across our global organization."

Penny Cagan, a Managing Director at Algorithmics, added: "I am delighted to welcome BMO to our community of Algo FIRST users. BMO's operational risk staff includes thought-leaders who are very much influencing the industry's dialogue on the interplay among different risk types. I believe that Algo FIRST, with its broad coverage across risk categories, will provide the group with the content it needs for a critical analysis of events through scenario analysis, risk identification and awareness, and change management initiatives."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit http://cib.db.comvisit www.thomsonreuters.infovisit www.response.ncr.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11355 views comments | 3 tweets | 4 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
10533 views comments | 21 tweets | 26 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7844 views comments | 19 tweets | 22 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7641 views comments | 5 tweets | 11 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7519 views comments | 6 tweets | 26 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job