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."