DZ BANK, in its ongoing commitment to design and implement sophisticated tools for controlling and managing operational risk, will integrate the FIRST database into its existing operational risk framework. The FIRST database, designed to assist financial institutions with determining and managing exposures, will complement DZ BANK's extensive self-assessment process and provide balance to its on-going initiative to gather internal loss data on a group-wide basis.
"We are committed to implementing tools that provide us with greater transparency to potential risks," comments Bodo Schmidt, head of operational risk controlling at DZ BANK. "We are confident that the case study approach of the FIRST database will enrich our existing operational risk program."
"We are thrilled that DZ BANK has joined our rapidly expanding roster of Algo OpVantage FIRST database clients," comments Daniel Mudge, Group Managing Director of Operational Risk at Algorithmics. "In 2005 alone, fourteen new clients have subscribed to the FIRST database bringing our international client base to over sixty financial institutions focused on best practice operational risk management."