SEB Chooses Optial To Support Global Operational Risk Management Process

Skandinaviska Enskilda Banken AB (SEB) has contracted with Optial to support its global Operational Risk Management processes. SEB is deploying the Optial system over the next nine months with a broad functional scope that includes loss database, operational risk self

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Skandinaviska Enskilda Banken AB (SEB) has contracted with Optial to support its global Operational Risk Management processes.

SEB is deploying the Optial system over the next nine months with a broad functional scope that includes loss database, operational risk self-assessments, key risk indicators, internal control monitoring and policy distribution. Approximately 21,000 SEB staff will use the system across 20 countries in SEB’s global enterprise.

Philip Winckle, Head of Group Risk Control at SEB said, “The nature of operational risk means that although it makes up a small percentage of our risk profile, it contains the unlikely events that could potentially bring down the entire bank. So it is essential to have an effective reporting infrastructure to ensure the use of the operational risk management tools and monitor risk management processes, as well as make a best estimate of the risks. Using Optial’s operational risk software means that we will be able to demonstrate clearly to the supervisor that we are successfully meeting criteria for Basel II AMA recognition”.

Lars Hansn, Head of Operational Risk at SEB, agreed, adding, “We believe that the implementation of operational risk management across the bank requires a cultural acceptance of the processes involved. It was vital to us that we chose a scaleable system that was also flexible enough to match the deep functionality we need, to fully reflect our own methodologies across the different divisions. It is equally important that we, as a management team, can clearly see and understand our risks and what is being done to address them. The key words for us in the acquisition process were functionality, flexibility, responsiveness to our needs, proven workflow functionality and that the supplier would have very capable project management. Optial was the clear leader in meeting these needs, and provides the right technology and expertise to help us achieve our objectives in this large scale implementation”.

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