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Operations Newsflashes: BRE Bank Chooses Algo OpVantage, Convexity Capital Management to Manage Data With AC Plus, and more

Polish Broker BRE Bank Subscribes to Risk Case Studies Database, New Boston Firm Selects Asset Control, Norse Securities Using IMlogic, Piraino Takes Position at Xcitek

Polish financial institution BRE Bank has subscribed to the Algo OpVantage FIRST (Financial Institutions Risk Scenario Trends) database of case studies from Algorithmics Inc. BRE Bank is the first Central European FIRST customer. The bank will incorporate the case studies into a variety of risk-focused initiatives, including self-assessments, risk mapping and strategic decision making.

BRE Bank believes the issues explored in the FIRST case studies are applicable to all businesses and will provide insight into mitigating operational risk

“The universal nature of the case studies means that FIRST can be used by a variety of financial institutions across diverse geographies. And this is due to the fact that banking issues such as embezzlement, fraud, money laundering, disaster recovery and regulatory pressures are global in nature,” said Penny Cagan, managing director and head of research for Algo OpVantage.

The Algo OpVantage FIRST Database utilizes a case study approach to assist institutions with their analysis of external operational risk events. It is designed as a qualitative tool, providing information on control breakdowns, event triggers, insights into why losses are incurred and lessons learned. It contains approximately 5,500 case studies of operational risk loss events.

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