Vestjysk Bank is a full-service bank that advises private and corporate customers locally and regionally via 30 branch offices in Jutland. It ranks among the 10 largest banks in Denmark.
AQRISK has provided Vestjysk Bank with the fintech application AQOpRisk, which supports optimizing operational (including IT) risk management very effectively with few resources required.
Operational risk is typically the second largest (to credit) risk exposure in banks and managing operational risks professionally requires solving complex and very diverse tasks. The AQOpRisk application helps solve and optimize these tasks as an innovative consolidated operational risk platform - all fully integrated within Vestjysk Bank’s datacenter – BEC Financial Technologies.
On the new cooperation Tue Brink, Head of Middle Office at Vestjysk Bank comments: "At Vestjysk Bank, we focus on ensuring insights into and knowledge of the bank's operational risks. With AQOpRisk, our employees can now easily and quickly report incidents and follow the approval process. In Middle Office, we can easily validate, manage and report the incidents. In collaboration with AQRisk, the entire process has now become 100% digital, which strengthens the processing of incidents and ensures easy access to documentation. The application also supports our self-assessment of risks and controls, including identification and management of major potential events, overall assessment of capital requirements for our operational risks, as well as comprehensive and flexible risk and regulatory reporting. It has been important to us that everything is fully integrated with our datacenter, which is why our collaboration with AQRisk is within the framework of BEC Financial Technologies."
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