Lebanese institution Blom Bank has chosen Wolters Kluwer to provide its OneSumX operational risk software solution.
Blom Bank will use OneSumX for assigning risk management responsibility and accountability. The solution is designed to automate and simplify collection, storing, analysis, tracing and reporting of information on operational losses, risk, and control assessments.
OneSumX will also assist with managing programmes across the company, including audit findings and regulatory change.
Antoine Lawandos, chief information officer at Blom Bank, 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.”
He added: “It is vital for us to demonstrate that we take all risks seriously and invest accordingly. Operational risk is no exception.”
Brian Gregory, vice president of non-financial risk for Europe, the Middle East and Africa at Wolters Kluwer, added: “We very much look forward to working with our local partner, Advanced Financial Solutions, and the Blom Bank team on the implementation.”
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