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Blom Bank selects Wolters Kluwer for risk management solutions

BBR Staff Writer Published 28 July 2016

Blom Bank, a Lebanese bank, has chosen Wolters Kluwer’s OneSumX to provide it operational risk software solution.

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.

Blom Bank chief information officer Antoine Lawandos said: “We opted for Wolters Kluwer after we evaluated our operational risk requirements and our team came to the conclusion that OneSumX matched our requirements.

“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.”

Wolters Kluwer Non-Financial Risk/GRC EMEA vice president Brian Gregory said: “Financial institutions, more than ever before, require a suitably robust operational risk framework and OneSumX is providing this capability for leading banks globally.

“We very much look forward to working with our local partner, Advanced Financial Solutions, and the Blom Bank team on the implementation.”

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.

Source: Company Press Release