FIS introduced operational risk management system in Promsvyazbank

2021: Operational Risk Management System Implementation

FIS March 16, 2021 together with Promsvyazbank"" presented the case of the implementation of the operational risk management system to fulfill the requirements. CENTRAL BANK

FIS Managing Partner Kirill Pivovarov and Promsvyazbank Operational Risk Director Dinara Maksumova spoke about the project to transfer banking processes related to operational risks to the no-code platform FIS Platform, based on the requirements of the regulator (Bank of Russia Regulation No. 716-P "On requirements for the operational risk management system in a credit institution and banking group") and on methods.

FIS, selected by Promsvyazbank as a supplier of a technical solution for the operational risk management system, launched the project in February 2020. The development of the initially planned scope of IT solution functionality ended in the fall, but during the implementation process it was decided to significantly expand the functionality of the system. The final completion of the project is scheduled for September 2021.

The main task of the project was to bring the SUOR of the bank to the target state. Our information system supports the processes of identification and systematization of data on possible operational risk events, management of key risk indicators, controls measures to minimize the level of risks, and provides the possibility of conducting self-assessment procedures. In Promsvyazbank, we implemented a full cycle of incident processing - from the moment of registration to closure upon completion of all risk minimization measures and payment of compensation resulting from the event, said Kirill Pivovarov

The functionality of the system supports a mandatory list of directories and classifiers used throughout the operational risk management cycle in accordance with the requirements of the Central Bank, integration with all sources of bank data on operational risk events.

It was important for us not only to create a system for formally fulfilling the requirements of the regulator according to 716-P, but also to get a really working complex tool with the maximum number of automated processes that will allow Promsvyazbank to make business more efficient. Subsequently, we expect a significant decrease in the number of operational risk events, which will clearly affect the volume of financial and reputation losses. We chose FIS as a partner in the implementation of SUOR just because of the experience in building complex information systems that involve a large number of business users. The experience of our collaboration showed that we were not mistaken in our choice, stressed Dinara Maksumova

The bank plans to further develop the system of its own IT specialists and conduct with their participation: integration with additional data sources, creation of an automated reporting system, optimization of procedures for evaluating operational risk events.