News

02:49 PM
Connect Directly
RSS
E-Mail
50%
50%

Union Bank to Manage Op Risk Using OpenPages

Bank plans to use OpenPages platform to build program to measure and manage operational risk and calculate capital requirements.

Union Bank, San Francisco ($86 billion in assets), whose operational risk initiatives we chronicled in a recent risk report, has decided to use OpenPages' Operational Risk Management software to build an enterprise-wide operational risk management framework.

The OpenPages software automates the process of identifying, measuring and monitoring operational risk. It's designed to help banks compute capital requirements based on the bank's operational risk. Union Bank plans to use the platform to manage risk assessments, key risk indicators, external losses, issue management and scenario analysis, as well as to perform integrated risk reporting.

"At Union Bank, we are striving to use the advanced measurement approach for operational risk measurement and OpenPages provides an integrated operational risk management framework that will assist us in this goal," said Marty Blaauw, senior vice president of operational risk at Union Bank, in a statement. "We are confident that OpenPages' solution will allow us to streamline our operational risk management and measurement process and provide the integrated risk reporting and dashboards being requested at the executive level."

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Dec. 2, 2014
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.