03 November 2009 News

 

National Bank of Greece extends commitment to Algorithmics and Systemic

National Bank of Greece has selected Algorithmics' operational risk system, Algo OpVar, to meet its operational risk management requirements.

NBG performed a thorough evaluation of vendor platforms before selecting Algorithmics' operational risk system. The selection extends NBG's existing market risk relationship with Algorithmics.

NBG will use Algo OpVar to measure and manage its exposure to operational risk. The implementation will be supported locally by Systemic Risk Management, an Athens-based risk management technology provider and an Algorithmics partner in the region.

Michael Oratis, general manager of risk management at NBG, remarked that: "As part of our long term risk management strategy we used consultants to design our risk framework and then chose Algorithmics' operational risk software, Algo OpVar, to meet our requirements for full functionality and comprehensive risk management. Our selection process was extensive and involved all the major risk system vendors. We chose Algorithmics because their solution best fitted our needs and because they are able to go live quickly. In addition, their content and advisory services integrate with and augment their software to provide a unique operational risk management solution for us."