Optial Announces New Client for Enterprise Operational Risk Management

London - 11 October 2012

Optial announced today that it has signed contracts with JSC Bank of Georgia for the Optial SmartStart solution for Operational Risk Management incorporating the Optial Business Intelligence suite.

JSC Bank of Georgia has chosen Optial’s SmartStart solution after a rigorous selection process involving a comprehensive RFP process and in depth examination of the proposed solution. The system will have a broad functional scope that includes incident capture/management, risk registers, operational risk self-assessments, key risk indicators, and reporting suite.

Operational Risk is a major focus for all financial institutions with senior management increasingly demanding that it forms a core part of everyday business practice. A clear and demonstrable approach to monitoring, measuring, and managing operational risks is key to sound corporate governance. Optial provides a proven platform to support strong risk management and compliance with audit assurance, all integrated with the organisation’s business as usual processes, as required by regulation.

Eter Khutsishvili, Operational Risk Manager at JSC Bank of Georgia said, “We decided to expand our operational risk management infrastructure with an operational risk software aimed at automating processes for managing operational risks, integrating all risk data within a single environment and providing various measurement tools for identification, assessment and monitoring operational risk exposure in compliance with Basel II sound practices.”

“Optial fully met our requirements, offering measurement techniques, including comprehensive Business Intelligence tools for reporting, at a reasonable price. The full implementation of SmartStart is to be completed in couple of months and the Optial team has demonstrated professionalism in every aspect of our business relationship.”

“Optial SmartStart has been packaged and prepared for the Banking industry to enable rapid deployments with rich functionality available delivering all of the flexibility required for future change. I am delighted to add JSC Bank of Georgia to our customer base” said Chris O’Brien, CEO of Optial.

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