Bangalore, July 15 (UNI) Vijaya Bank has become the first bank in the public sector to initiate the implementation of a enterprise-wide Integrated Risk Management System (IRMS) project.
The project integrates seven risk solutions, including credit risk, market risk, operational risk management, asset liability management and funds transfer pricing.
The scope of the project was not only to comply with the standardised approaches of Basel II Norms, but also to be compliant with advanced approaches, when in place, a bank release said.
The Bank has selected WIPRO Technologies as the System Integrator for the project after conducting a comprehensive due diligence. The IT major would bring together the risk solutions, with the consortium of solution providers featuring some of the leading names in the industry.
To ensure quality maintenance and management of the project, the System Integrator has been entrusted facility management for seven years, including maintenance of data centre, networking, operating systems, database management, application management etc.
The project also envisages Business Continuity and Disaster Recovery Mechanisms for all the solutions.
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