System to Enable Consistent, Timely and Structured Approach to Managing Risk Across the Organization
Wolters Kluwer Financial Services announced today that Turkland Bank A.Å., headquartered in Istanbul, and a subsidiary of BankMed in Lebanon and Arab Bank in Jordan, has selected the company’s OneSumX® GRC solution to help manage operational risk across its 32 branches located in major commercial centers throughout Turkey.
The OneSumX GRC solution will help T-Bank maintain a consistent, timely and structured approach to identifying, capturing, analyzing and reporting on operational risk across the organization. OneSumX GRC automates and helps to simplify the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments, definition and management of key risk indicators and scenarios.
“After a rigorous selection process, Wolters Kluwer Financial Services’ OneSumX GRC solution emerged as the clear choice in meeting our operational risk challenges,” said Gülgün Figen ÖztaÅ, head of the Risk Management department, T-Bank. “We ultimately recognized that the company’s unique combination of deep industry and subject matter expertise combined with its leading technology and support was exactly what we needed to help ensure we could manage our risks safely and profitably.”
Wolters Kluwer Financial Services' OneSumX GRC solution helps financial organizations bring greater transparency, control and efficiency to managing compliance, operational and financial risk management, audit, and governance functions. OneSumX GRC’s modular, suite-based approach offers organizations the flexibility and scalability required to help meet the complexity of their expanding and continually changing business operations.
“With intensified supervision from regulators, managing operational risk is an essential component of any proactive and successful GRC program,” said Richard Pike, vice president of market management, EMEA, Risk and Compliance, Wolters Kluwer Financial Services. “By better understanding their operational risks and exposures moving forward, T-Bank can manage them more nimbly, with the end result of a more resilient organization.”
As part of the T-Bank implementation, FINECUS, an AFS subsidiary based in Turkey, provided additional professional consulting and services by working collaboratively alongside Wolters Kluwer Financial Services. In addition to professional services, Finecus also helps bring the company’s solutions to the Turkish marketplace.
Wolters Kluwer Financial Services’ OneSumX GRC solution is used by more than 900 banks, insurance companies and asset managers worldwide.