vestjyskBANK selects SIGMAOpRisk to optimize operational risk management

SigmaRiskPartners is pleased to announce that vestjyskBANK has selected SIGMAOpRisk for managing its operational risks.

SIGMAOpRisk allows vestjyskBANK to optimize its operational risk management and processes in several ways.

vestjyskBANK is part of the BEC datacenter member institutions and SIGMAOpRisk will provide seamless integration using the BEC platform, allowing all employees to easily perform incident registration via the intranet.

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SIGMAOpRisk offers a speedy implementation proces and vestjyskBANK was up and running throughout the entire organization very quickly.

SIGMAOpRisk is a full-fletched operational risk framework that allows vestjyskBANK to gain benefits ranging from streamlining and automating its incident capture and review process, to supporting the risk and control self-assessments, mapping out the control environment, allowing for flexible and advanced portfolio risk calculations that strengthen the ICAAP process as well as utilizing automated and standardized risk and regulatory reporting.

The cockpit-style framework of SIGMAOpRisk collects all the diverse tasks related to professional operational risk management in one application. Making it easy, standardized and less ressource demanding for Risk Management at vestjyskBANK to manage and report its operational risks. It furthermore yields a great overview and support to management and regulators.

With the implementation of SIGMAOpRisk all employees at vestjyskBANK are just a click away from a 1-page incident capture webform. Because of the integration with BEC all relevant employee information is automatically prefilled in the registration process, making it a fast and smooth user experience. The registration form furthermore assures all regulatory required information and international standards are adhered to.

SIGMAOpRisk makes it possible for risk managers to closely follow incidents reported from the business. Incident registration mails are sent automatically and the application even allows for real-time monitoring of incidents, in case critical or systemic operational risk failures arise.

SIGMAOpRisk comes with a suite of standard regulatory and risk reports, that are run in batch within the application and available to risk managers on a daily basis. Utilizing the standard reports vestjyskBANK saves risk management ressources that would otherwise be spent on manual tasks.

Another benefit of SIGMAOpRisk is that it allows vestjyskBANK to benchmark its operational risks to peer institutions across datacenters. It will provide important information to risk managers and strengthen vestjyskBANK in a regulatory context.

Partnering with SigmaRiskPartners means gaining access to annual operational risk seminars and workshops that are held in cooperation with other SIGMAOpRisk clients. At the seminars experiences are shared between users and new trends within operational risk Management and regulation are  presented.

Being a client of SigmaRiskPartners – vestjyskBANK instantly advances its operational risk framework and can build upon vast operational risk experience and know-how. SigmaRiskPartners help clients with utilities, experience and help plan and coach effective risk workshops that map out operational risk weaknesses and potential operational failures.

With the implementation of SIGMAOpRisk vestjyskBANK will know more precisely its operational risks and it will strengthen strategic descision-making on a risk-informed basis. Management will have a better view of how strategic decisions impact the operational risk landscape.

jan_michaelThe Board of Management at vestjyskBANK – Jan Ulsø Madsen (CEO) and Michael Nelander Petersen.

Jan Ulsø Madsen, CEO: “We have signed with SigmaRiskPartners to roll out SIGMAOpRisk in order for vestjyskBANK to strengthen our operational risk management and processes. At the same time doing it with a minimum drain on the organisation’s ressources.

About vestjyskBANK

vestjyskBANK is a full-service retail bank. It is one of the largest regional banks and among the 10 largest financial institutions in Denmark. It has 15 branch offices and 460 employees. It was founded in 1840 and is listed on OMX Nasdaq.

About SigmaRiskPartners
SigmaRiskPartners is a specialized fin/reg-tech firm that offers unique frameworks for risk-based decision-making in financial institutions, large companies and organizations. We provide software and advisory solutions within operational and strategic risk management.

For enquiries regarding this announcement please contact:
Morten Virenfeldt (CEO), SigmaRiskPartners: +45 53624942

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