Waltham, Mass. – OpenPages®, the leading provider of integrated risk management solutions for global companies, today announced that Union Bank, N.A., a financial holding company, has selected OpenPages Operational Risk Management (ORM) software to build an enterprise-wide operational risk management framework.
OpenPages ORM software automates the process of identifying, measuring and monitoring operational risk, integrating all risk data in a single risk analysis solution. Banks across the globe are using OpenPages ORM to achieve AMA (advanced measurement approaches) compliance which computes capital requirements based on the bank’s internal operational risk measurement system. Union Bank selected OpenPages ORM as the operational risk system of record for managing risk assessments, key risk indicators (KRIs), external losses, issue management and scenario analysis. Union Bank will also use OpenPages for integrated risk reporting.
"At Union Bank, we are striving to use the advanced measurement approach for operational risk measurement and OpenPages provides an integrated operational risk management framework that will assist us in this goal," said Marty Blaauw, Senior Vice President of Operational Risk at Union Bank. "We are confident that OpenPages’ solution will allow us to streamline our operational risk management and measurement process and provide the integrated risk reporting and dashboards being requested at the executive level."
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $86 billion at December 31, 2009. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank has 340 banking offices in California, Oregon, Washington and Texas and two international offices. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world's largest financial organizations. Visit www.unionbank.com for more information.
OpenPages is the leading provider of integrated risk management solutions for global companies. The OpenPages Governance, Risk and Compliance (GRC) Platform empowers a risk-based approach to identify and manage key business risks across the enterprise. This approach enables companies to focus on what’s important and to avoid unexpected outcomes while improving performance. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in the United Kingdom, distribution partners in Japan and South Africa and regional offices throughout North America.
For more information on OpenPages' governance, risk and compliance solutions, please click here or call us at 781.693.5999.