Blom Bank the major Lebanese bank, has chosen Wolters Kluwer’s OneSumX to provide it operational risk software solution. The bank joins a growing and global list of clients who have opted for the solution to manage a range of areas, ranging from operational risk to market and credit risk and regulatory reporting.

OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance, increasing organizational profitability, efficiency and growth. OneSumX Operational Risk enables organizations to meet and adapt to internal operational risk practices by automating and simplifying the process of collecting, storing, analyzing, tracking and reporting on information relevant to operational losses, risk and control assessments.

Blom Bank will use the solution to assign risk management responsibility and accountability within the business, helping to ensure a cost-effective continuous assessment of risks. OneSumX will help manage programs across the organization including audit findings and regulatory change. “We opted for Wolters Kluwer after we evaluated our operational risk requirements and our team came to the conclusion that OneSumX matched our requirements,” said Mr. Antoine Lawandos, Chief Information Officer, Blom Bank. “As the leading bank in Lebanon it is vital for us to demonstrate that we take all risks seriously and invest accordingly. Operational risk is no exception.”

“Financial institutions, more than ever before, require a suitably robust operational risk framework and OneSumX is providing this capability for leading banks globally,” notes Brian Gregory, vice president, Non-Financial Risk/GRC EMEA, for Wolters Kluwer. “We very much look forward to working with our local partner, Advanced Financial Solutions, and the Blom Bank team on the implementation.”

Notably, in the past year the firm has been named Category Leader in the Chartis RiskTech Quadrant® on Operational Risk Management Systems for Financial Services, for the third year in a row. Likewise, Chartis recognized Wolters Kluwer’s leading position in GRC software, naming it Category Leader in its 2015 RiskTech Quadrant® on Enterprise GRC Solutions, again for the third year in a row. Wolters Kluwer is one of a handful of firms to have consistently placed within the Top Ten in the Chartis RiskTech100. Essentially Wolters Kluwer works to ensure that banks, who are bombarded by new regulations, are compliant and can prove that to a third party. “Globally there are some 136 Jurisdictions, 832 Regulatory Bodies and 3,446 Document Types and the majority of the firms prospects/customers have to comply with multiple jurisdictions,” Gregory says.

OneSumX Operational Risk enables organizations to meet and adapt to internal operational risk practices by automating and simplifying 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. With this purpose built eGRC platform, organizations can automate a labor intensive review and assessment process for operational risk and assign risk management responsibility and accountability within the business. “This ensures a cost-effective continuous assessment of risks that captures and reports on losses, breaches and control failures,” Gregory explains.

Blom Bank’s successful business operations are based on a universal banking model that includes: Commercial Banking, Corporate Banking, Private Banking, Investment Banking, Asset Management, Retail Banking, Islamic Banking, Brokerage Services, and Insurance Products and Services. The bank was recently named “Best Bank in Lebanon for 2016” by Euromoney magazine.

Other recent clients to have signed up for OneSumX include Santander in Australia, Housing and Development Bank in Egypt and Atom Bank in the UK.