Lebanese lender Blom Bank has signed up for Wolters Kluwer’s OneSumX solution for operational risk management.
OneSumX improves organisational efficiency by helping manage the intersection of governance, finance, risk and compliance. The solution also automates the process of collecting, storing, analysing, tracking and reporting on information relevant to operational losses, risk and control assessments.
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Wolters Kluwer said its OneSumX solution will enable bank to assign risk management responsibility and accountability within the business, and assess risks in a cost-effective way.
The solution will also help the bank manage programs such as audit findings and regulatory change, the technology vendor added.
Blom Bank chief information officer Antoine Lawandos said: “We opted for Wolters Kluwer after we evaluated our operational risk requirements and our team came to the conclusion that OneSumX matched our requirements.
“As the leading bank in Lebanon it is vital for us to demonstrate that we take all risks seriously and invest accordingly. Operational risk is no exception.”
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