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."