SWORD the leading risk management solution of financial software firm Ci3 has been named “BEST OPRISK SOFTWARE” in the second annual ranking by leading risk industry publication Operational Risk and Compliance, beating major international competitors. 2008 is the second successive year that SWORD has taken top spot in the rankings, which are compiled from a survey of qualified risk end users.
“The ranking is highly significant because it is a qualified survey of oprisk professionals, who know the day to day operational risk environment, and are familiar with SWORD’s workings and real life applications,” says Richard Pike, Director of SWORD at Ci3. “This ranking result is SWORD, judged by oprisk professionals on its performance in the field, and coming out on top”.
Op risk events have hit the headlines over recent months, and have prompted regulators and banks to focus more on forward-looking techniques, such as
scenario analysis, to help them better predict and prevent loss events before they happen. SWORD, with its Microsoft style user interface, flexible structure and Internet based delivery, enables institutions to implement operational risk management practices. SWORD possesses functionality that clearly demonstrates that it was developed taking a pragmatic view of Operational Risk in practice.
“We are currently developing an enterprise risk governance version of SWORD called “SWORD ERG”, starting with Key Risk Scenario Analysis and Enterprise Risk Indicators”, says Richard Pike. “We are developing this with our clients so we already have takers for this product and the first delivery is scheduled for June.”