Russia's B&N Bank addresses Basel standards for operational risk management with SAS®
MOSCOW (Jul. 18, 2011) – B&N Bank has launched an integrated, operational-risk management system to reduce losses and determine coverage of operational risk capital. Using software from SAS, the leader in business analytics software and services, one of Russia's first successful operational risk management projects helps the bank meet Central Bank of Russia requirements. The rules, based on Basel Committee principles, demand banks properly assess risks and could save B&N Bank tens of millions of dollars.
"It is essential for our shareholders and top managers to assess operational risks when shaping business strategy and operational management," said Kirill Lyubenstov, Senior Vice President of B&N Bank. "SAS helps us to quickly identify bottlenecks that we can address with the proper resources. Since B&N Bank has thousands of employees and an extensive sales network throughout the country, investments in operational risk management will pay off quickly."
"Operational risk incidents differ from case to case," said Pavel Samokhvalov, Director of Risk Management at B&N Bank.
"SAS is the leader in operational risk management software," said Julius Goldberg, Director of the Financial Sector, SAS Russia/CIS. "We are very pleased to see our solution developers here in Russia adopting today's best practices in collaboration with the world's leading banks."
About B&N Bank
Established in 1993, B&N Bank is among the most reliable and fastest-growing universal banks, offering an extensive network of sales, products, and advanced technologies for its corporate and private clients. B&N Bank has 124 offices in 33 Russian regions and is continually expanding its ATM network to improve customer service. In 2008, B&N Bank became head of the Bashinvestbank sales network. Domestic and international rating agencies commended B&N Bank for its financial performance and reliability. For further information, please visit http://binbank.ru.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 50,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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