This global financial institution is one of the
world's most international banks, employing 30,000
people in 56 countries, and with a management team
comprising 70 nationalities. Headquartered in London,
it has a significant presence in Asia, Africa,
the Middle East and the Americas.
The Bank uses the Optial platform as a comprehensive
compliance management solution which addresses
FSA requirements and provides a cornerstone for
operational risk management. Endorsed by the
CEO and sponsored by the Group Director of Risk,
the Bank's Compliance Risk Management initiative
is driven by the need to explicitly link compliance
control measures with their corresponding laws,
regulations and policy standards. Equally important
is the premise that compliance risks need to
be well understood and transparently managed,
and that any breaches are promptly identified,
reported and resolved.
After a stringent selection process including
a two-country pilot implementation late in 2002,
the Bank selected Optial on the basis of its
flexible platform, ability to meet current and
future needs, scaleable web-based architecture
and overall value for money. Global rollout started
in Q4 2003 and by end of 2004, 30+ countries
will be live with over 2000 users. The dedicated
servers are hosted externally, by direct arrangement
with the Bank, and appear seamlessly as part
of the Bank's global intranet.
2004 also sees the planning of the Operational
Risk integration, which could ultimately involve
a further 3000 users. Both solutions can be customized
to the Bank's specific requirements, yet are
served from the same code base, highlighting
the importance of the Optial Compliance and Operational
Risk platform's flexibility.
Benefits:
- Increased accountability, reduced risk, satisfied
regulators
- Complete snapshot of compliance status at
any time: at global, country or business level
- Structured and centralized inventory of Regulations
and Compliance Standards identifies compliance
gaps and prevents reoccurrence
- Replacement of manual process produces significant
cost savings
- Ability to measure compliance performance,
benchmarking by geography and function
- Potential for integration of operational
risk and compliance risk on same platform,
leading to enhanced efficiency and better risk
control
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