Basel II is moving away from the one-size-fits-all approach of the 1988 Basel Accord to a more flexible arrangements where a range of options are on offer to supervisors and banks.
Since Optial can be configured to support differing risk management methodologies on the same code base, it provides banks with a customised application to support their own choice of how best to manage operational risk.
Given that industry discussion and speculation on a potential Basel III framework is widespread, it is important for organisations to have a risk management framework in place that provides the flexibility to cater for any changes such a new version of the Basel accord might mandate. Optial provides that flexibility and future-proofing.
SmartStart for Banking
The SmartStart Banking solution offers a pre-defined operational risk, compliance and audit framework. By using this standardised pre-configured solution, financial institutions are able to take advantage of industry best practice, with the added benefit of having a system live and running in a matter of a few weeks.
This lead time can be even shorter if the software is deployed through Optial's software as a Service (SaaS) solution.
By eliminating the need to install and run the application on the customers own servers, Optial's Saas approach alleviates the customers burden of software maintenance, ongoing operation and support.
The functional scope of Optial SmartStart for Banking and Basel II compliance covers the management of operational risk using a series of workflow-enabled modules:
Optial SmartStart Benefits
Optial Smartstart gives firms the ability to:
- Make more informed business decisions
- Improve performance through better quality data
- Gain greater flexibility to support future expansion
- Deliver integrated risk and compliance focus in a single unified scalable and adaptable solution
- Reduce costs and manual overheads
- Improve accountability and visibility through workflow engine, audit trail and powerful real time reporting.