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.
Philadelphia, Pa. (September 5, 2007)—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.
Additional information on the KRI Monitoring Service can be found on the KRI Services Web site at www.KRIeX.org or by contacting a member of the KRI Services Team via info@KRIeX.org.
About RMA
Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 3,000 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 risk management professionals who are chapter members in financial centers throughout North America, Europe, and Asia/Pacific. Visit RMA on the Web at www.rmahq.org.
About RiskBusiness International Limited
RiskBusiness International Limited is a risk consultancy specializing in leading operational risk management practices. It is an association of like-minded industry professionals, who have the aim of furthering the risk management discipline to enable better risk-reward decision-making.
Risk management is an evolving discipline, which has developed in close partnership with the industry. RiskBusiness has, both as individuals and collectively, a depth of established relationships with leading players and regulators in the operational risk field. We are also active participants in industry working groups and contribute thought leadership through publications and education.
RiskBusiness was founded in 2003. The registered head office is in England, with principal consultancy locations in London, New York, Hong Kong, Auckland, Toronto and Zurich. RiskBusiness consists of only seasoned industry players who have proven experience in designing, delivering, implementing and maintaining leading risk practices. Visit RiskBusiness on the Web at www.riskbusiness.com.
About KRIeX
www.KRIeX.org is the home of the KRI Library Services, a repository for key risk indicators identified, defined, and specified by over 70 leading international financial institutions, sponsored by RMA and facilitated by RiskBusiness International Limited.
Please visit http://www.KRIeX.org or contact KRIeX at info@KRIeX.org.
Contacts:
The Risk Management Association:
Charles Taylor, RMA Director of Operational Risk
+1 215 446-4126
Kathleen M. Beans, RMA Public Relations Manager
215-446-4095
RiskBusiness International Limited:
Mike Finlay, Managing Director
+44 7721 969224