Source: Union Bank
OpenPages, the leading provider of integrated risk management solutions for global companies, today announced that Union Bank, N.A., a financial holding company, has selected OpenPages Operational Risk Management (ORM) software to build an enterprise-wide operational risk management framework.
OpenPages ORM software automates the process of identifying, measuring and monitoring operational risk, integrating all risk data in a single risk analysis solution. Banks across the globe are using OpenPages ORM to achieve AMA (advanced measurement approaches) compliance which computes capital requirements based on the bank's internal operational risk measurement system. Union Bank selected OpenPages ORM as the operational risk system of record for managing risk assessments, key risk indicators (KRIs), external losses, issue management and scenario analysis. Union Bank will also use OpenPages for integrated risk reporting.
"At Union Bank, we are striving to use the advanced measurement approach for operational risk measurement and OpenPages provides an integrated operational risk management framework that will assist us in this goal," said Marty Blaauw, Senior Vice President of Operational Risk at Union Bank. "We are confident that OpenPages' solution will allow us to streamline our operational risk management and measurement process and provide the integrated risk reporting and dashboards being requested at the executive level."