Erste Bank Group has selected the KRI Monitoring Service provided by The Risk Management Association (RMA) and RiskBusiness International as part of KRI Services, the financial industry’s key risk indicator (KRI) initiative.
Erste Bank Group has selected the KRI Monitoring Service provided by The Risk Management Association (RMA) and Risk Business International to monitor key risk indicators (KRIs). This leading Central and Eastern European institution will use the Service at both the group level and in each of its business operations. Its purpose is to assess collected data against predefined operational risk thresholds and operating targets. It will generate alerts when thresholds are exceeded.
"We have adopted the KRI Monitoring Service because we see an increased interest by individual business lines to collect "indicators" across the Group,” said Markus Rossmiller, head of Group Operational Risk Control at Erste Bank Group. “As a result of the explosive growth of Erste Bank Group in the last years, the establishment of objective and comparable criteria to measure performance and risk has become crucial for the successful management of the bank. The KRI Monitoring Service can be quickly deployed.
It gives us a tool to collect information consistently and efficiently across the group."
KRI Monitoring Service allows institutions to compare operational risk values across the business. They can either select standard KRIs from the KRI Library or define their own variants and then monitor trends over time using the threshold monitors and standard reports provided.
The KRI Monitor Service adds functionality to the content-rich KRI Library, which contains more than 1,800 indicators. It provides a single, Web-based solution that is customized for each user, while also enforcing data confidentiality and security.
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