World Bank Picks JP Morgan for Risk Management System
Byline: Frances Maguire
The World Bank has signed a contract with JP Morgan Treasury Services for the US investment bank's operational risk management system.The system it will use is a web-based, group-wide operational risk management service designed to help managers of banks and central banks document the controls needed to mitigate risk, evaluate the compliance of various business units and identify which areas of business lack the proper control procedures.
The World Bank has also signed up for JPMorgan's Horizon Risk Advisory Program, which assists clients in the planning and implementation of efficient and effective operational risk management programs within their institutions. World Bank sources said the firm chose JPMorgan Horizon because of its ability to create transparency across the group's finance business lines, and because it is easy to use.
Although more than 20 financial institutions, including two central banks, use Horizon, The World Bank is the first to take up the Advisory Program. …