The Hindu Business Line : i-flex tool for Interbank, DBS Bank

i-flex Solutions Ltd has said that Peru-based Interbank and Singapore-based DBS Bank have selected the Reveleus Operational Risk (ROR) package of Reveleus, a tool offered by the domestic financial solutions provider. The company did not provide the financial details of the contracts.

ROR enables the creation of a comprehensive framework to manage enterprise governance, risk and compliance across the organisation. The tool enables firm-wide monitoring and management of operational risk in line with Basel II standards. Basel II is the new international standard to ensure that banks have sufficient capital to support their market, credit and operating risks.

"The tool is an enabler to change within DBS and allows our business units and support units to monitor and manage their own operational risk rather than use the tool for collecting operational risk data just for regulatory compliance," said Mr Chng Sok Hui, Managing Director and Head of Group Risk Management at DBS. ROR will provide Interbank with a comprehensive system to monitor operational risk on a continuous basis for real-time escalation and remediation. "We expect very tangible benefits to flow from the bank's unique approach to operational risk as a driver for operational improvement and compliance initiatives," Mr S. Ramakrishnan, CEO of Reveleus, said.