BMO Financial Group has signed a subscription agreement with Algorithmics, a provider of enterprise risk management solutions, for access to the Algo First database of case studies, covering more than 9,000 operational risk events.
BMO said that, after evaluating available content sources and databases on the market, it selected Algo First to supplement its management reporting, risk identification and risk awareness initiatives.
Hamish Lock, head of operational risk and senior operational risk officer, said: “We decided to subscribe to Algo FIRST because we needed a way to expand our knowledge and understanding of significant operational risk events that could be used to challenge BMO’s operational risk profile.” He added that the Algo FIRST solution “has already had a significant influence on the development of operational risk scenarios and has many enthusiastic users across our global organization.”
Penny Cagan, MD of Algorithmics, said: “BMO’s operational risk staff includes thought-leaders who are very much influencing the industry’s dialogue on the interplay among different risk types. I believe that Algo FIRST, with its broad coverage across risk categories, will provide the group with the content it needs for a critical analysis of events through scenario analysis, risk identification and awareness, and change management initiatives.”
Canda-based BMO Financial Group serves personal, commercial, corporate and institutional customers through its operating groups Personal and Commercial Banking Canada, Personal and Commercial Banking US, Private Client Group and BMO Capital Markets.