IMPROVEMENT OF BANK RISK MANAGEMENT PROCESSES PROGRAM COMPLETED AT UNIBANK
arminfo
2008-02-13 15:18:00
ArmInfo. Introduction of ABN AMRO Bank program ‘Improvement of Bank
Risk Management’ at Unibank was completed on January 31 2008.
Unibank press-service told ArmInfo the program consisted of 9 modules
and was aimed at retail sphere mainly. The program’s implementation
took 13 months. Unibank Board Chairman Vardan Atayan said the
program is an important step to introduction of risk management
system meeting international standards and a possibility to get
international rating. ‘We have already created a special bloc of risk
management, revised and elaborated new internal legal acts meeting
relevant international standards, including ‘Risks Regulations’,
‘Risks Policy’, ‘Management Information System (MIS)’, ‘Operational
Risk Management Policy’ , ‘Corporate Loss Data Base Policy’,
Atayan said. The bank has also elaborated and activated plans of
credit products, edited the forms of credit applications and scoring
model. ABN AMRO bank representatives say the program was successfully
implemented and the results are positive. The key result of the program
is introduction of a new approach to revealing and neutralizing bank
risks, elaborating products and points to reveal and assess and manage
retail risks. Unibank was given the right to implement the program
through a contest in 2006 by Central Bank of Armenia and ABN AMRO.