Aizkraukles Banka Continues to Invest in Process Based Risk Management Solutions

Riga, Latvia and Munich, Germany - April 09, 2009 - Ultimus, Inc., developer of one of the most widely-deployed business process management software suites in the world, with more than 1,900 customers, today announced that Aizkraukles Banka – the largest bank in Latvia in respect to client deposits - continues to invest in enterprise solutions to ensure state-of-the-art stability, reliability and security for its core banking operations and will rely on Nexum Operational Risk Management (Nexum ORM) for efficient operational risk management delivered by Nexum insurance technologies, an Ultimus partner in the Baltics and the Ukraine. The solution provides a structured and efficient approach to risk minimization and lays a good foundation for more responsive customer service.

In February 2009, the bank started a project to empower operational risk management functions with the automated Nexum Operational Risk Management (Nexum ORM) software solution. The supplier is Nexum Insurance Technologies - an international provider of information technology solutions and business consultancy for financial sector.

The Head of Risk Analysis Ms. Oksana Gladiya explains: “All interruptions to the banking processes need immediate attention and require the right employees to get involved to resolve the issues. These activities are tracked and analyzed by risk management to estimate the financial impact and eliminate the most critical sources of risk to our operations.

Aizkraukles Banka was looking for an efficient and responsible way to take its risk management capabilities to the next level. They therefore decided to implement an automated operational risk management system that would benefit customers, employees, executives, and risk managers at the same time. Nexum ORM solution relies on the leading Ultimus Business Process Management engine to ensure the highest degree of process automation, deadline control, workload distribution and accurate data collection.

For Aizkraukles Banka, operational risk management has always been very important. While improvements had already been implemented and good results in operational risk identification had been achieved, the new solution now puts all operational issues under tight control. The new system helps register, resolve and control each operational risk event effectively and quantify it as defined by international Basel II requirements.

“In our bank we emphasize the importance of operational risk control and management. Nexum ORM is a convenient software solution from the end user perspective but at the same time powerful enough for our risk management requirements, so we can develop our excellence in this area” – Ms. Oksana Gladiya concludes.