Aizkraukles Banka shares its experience of operational risk management activities

mihails — Wed, 16 Dec 2009 12:04:24 +0000

On 16 December 2009, Aizkraukles Banka, the bank with its headquarters in the Latvian capital of Riga with representative offices in Azerbaijan, Belarus, Kazakhstan, Russia, Ukraine and Uzbekistan has released a case study to share with the world its experience of managing operational risk for the purposes of Basel II.

A 3-page long case study document describes the past and the present of the operational risk management activities in the bank.

Smart and intelligent process design and a new technology have made it possible to put the quality of operational risk management up to the next level and make an important step towards applying the Advanced Measurement Approach under Basel II.

Increased efficiency of risk department

Simplified and automated reporting

Improved analytics functions

Fast resolution of problems

More responsive customer service

have been pointed out as the key practical benefits of the new approach applied.

Aizkraukles Banka Operational Risk Management Case Study

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Aizkraukles Banka was established in 1993 in the city of Aizkraukle. Its headquarters are in the Latvian capital of Riga with representative offices in Azerbaijan, Belarus, Kazakhstan, Russia, Ukraine and Uzbekistan. The bank has the largest team of private bankers in Latvia and combines the best practices of the European banking system with an individual approach to each customer. Its mission is to become the leading independent private bank in Eastern Europe, combining all banking services, including asset management and advisory services, in a single customer-tailored offer.

http://www.ab.lv

CEIOPS has delivered its final advice on the vast majority of Solvency II Level 2 Implementing Measures

mihails — Tue, 10 Nov 2009 15:00:51 +0000

On 10 November 2009 CEIOPS has delivered its final advice on the vast majority of Solvency II Level 2 Implementing Measures together with a cover letter and a Feedback statement.

The resulting documents have absorbed all the input and comments submitted by the community. There were more than 20 000 comments provided on the second set of Consultation Papers on Solvency 2 level 2 implementing measures published by CEIOPS on 02 July 2009.

The Consultation Papers approved by CEIOPS’ Members deal with a large number of Pillar I, Pillar II, Pillar III and group issues, which have been developed on the basis of the Solvency II Level 1 text adopted by the European Parliament on 22 April.

2009.

CEIOPS has made a job to review every significant comment received before 11 September 2009 and has summarized the decisions in the papers published on 10 November 2009.

For the full official text of the final advice and for the resolution on the comments go to the Documents & Links page.