Wachovia Chooses Centerprise for its Enterprise-wide Operational Risk Solution

Enterprise OpRiskCenter System to Strengthen Bank’s Ability to Capture, Communicate and Manage Operational Risk Data and Support Corporate Governance Initiatives

Purchase, NY and Charlotte, NC, November 3, 2003 – Centerprise Services, Inc. announced today that Wachovia Corp. (NYSE: WB), fifth largest bank in the U.S., has selected Enterprise OpRiskCenter™ as its enterprise-wide operational risk solution. The Centerprise solution will be implemented across all of Wachovia’s lines of business and address all aspects of operational risk, including loss events, risk assessment, key indicators, issue- and action-plan management and risk profiles.

Wachovia selected Enterprise OpRiskCenter after a global, vendor-review process.
"What attracted us to Centerprise was their integrated, well-architected solution that would scale and accommodate an enterprise-wide deployment," said Yousef Valine, head of operational risk management at Wachovia. "Centerprise’s flexible framework will allow Wachovia to create a solution consistent with how we manage risk."
Commented Reto Tuffli, Centerprise’s CEO and co-founder, "Wachovia did their homework to identify and determine system requirements. They also clearly thought through the institutional and cultural building blocks necessary to implement a comprehensive oprisk program. Building off of this framework will be instrumental in supporting their governance and management processes. To its credit, Wachovia is going well beyond merely satisfying new regulatory requirements."

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