DBS Bank Implements Operational Risk Management Solution with i-flex Solutions' Reveleus

i-flex Solutions Ltd has announced that, DBS Bank on November 21, 2006, announced that it has successfully implemented Reveleus Operational Risk - Version 3.3 (Formerly known as Operational Risk Tool Suite - ORTOS), as its firm-wide Operational Risk Management system.

DBS is one of the first organizations in Asia to implement the tool, which enables firm-wide monitoring and management of operational risk in line with Basel II standards.

Reveleus Operational Risk, implemented in partnership with consulting firm Capco, provides DBS with the capability to capture and analyze operational risk profiles across multiple locations, business lines and products in an efficient, consistent and integrated manner using a simple workflow. It is a web-based tool that facilitates the capture of operational risk losses, conducts control-self assessments, monitors key risk indicators and assigns and tracks risk mitigating actions. Reveleus Operational Risk Solution is part of Reveleus’ globally successful Risk Analytics Suite which has won international industry recognition. Celent Research recently named Reveleus among the top three Operational Risk vendors and Tower Group ranks Reveleus Basel II solution amongst the best in this domain.

Chng Sock Hue, Managing Director and Head of Group Risk Management at DBS, said: "DBS is committed to be at the forefront of risk management practices and standards among banks in Asia. The implementation of this tool is another significant milestone in the evolution of Operational Risk Management at DBS. The tool is an enabler to change within DBS and allows our business units and support units to monitor and manage their own operational risk rather than use the tool for collecting operational risk data just for regulatory compliance. This approach is really about putting operating risk management on the desktop of our staff, which is key to shaping our risk management culture."

S Ramakrishna, CEO of Reveleus, said: "We are very pleased to be working with an institution such as DBS which recognizes Operational Risk as not just a regulatory requirement but a strategic step towards sound business practices. Reveleus Operational Risk is committed to being a best-in-class solution that enables managers to effectively prepare for future uncertainties and the associated risks and opportunities for financial institutions."

Source : Equity Bulls

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