Spain's Banco Sabadell signs up to OpVar
Banco Sabadell, a Spanish retail bank, plans to employ operational risk management services provided by OpVantage, the firm created by the merging of NetRisk's quantitative op risk services with consultants PricewaterhouseCoopers.
"We undertook this project in order to better understand our operational risk exposures, quantify them, and to direct mitigating actions. We also had in mind the upcoming Basel Accord and wanted to be fully compliant with the new regulations," said Tomas Varela, op risk controller at Banco Sabadell.
Other OpVar clients include Canadian Imperial Bank of Commerce, Dutch financial services firm ING, Japan's Sanwa Bank and reinsurer Swiss Re.
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