London, 13th Sept 2005 â Leading software developer Comit Gruppe has announced major new developments in operational risk services with its award winning SWORD (www.swordrisk.com) operational risk management software. SWORD 6 offers integrated operational risk management solutions, which can now be adapted to the needs of different business areas - one size does not fit all.
SWORD 6 offers comprehensive enterprise-wide risk measurement, monitoring and management capabilities to the international financial services sector. Users in a wide range of businesses, including banking and insurance, can now achieve new flexibility whereby individual business units can configure functions to suit their activities while ultimately reporting seamlessly to a central company-wide database and reporting system.
Speaking at the launch of SWORD 6 at Tower 42 in the City of London, Richard Pike, director of Comit Gruppe said, "This is a very important advance in operational risk services. Firms need to know as quickly as possible about operational failures and risks. But equally importantly large complex firms with multi-layered risks need to be able to apply measurement, monitoring and management systems in a way which fits the varying operational risks of different divisions and processes. For the first time SWORD v6 provides that facility and will take firms substantially beyond the basic requirements of most regulatory requirements, including the larger risk reporting requirements of Basel II and Sarbanes-Oxley.
But more importantly, the intranet-based SWORD enables firms continuously to assess company-wide risks and to act immediately as necessary. Additionally SWORD streamlines internal audit processes and ensures adherence to the highest standards of corporate governance reporting," he concluded.
SWORD is an award winning system for Operational Risk, International Audit and Corporate Governance. It has over 1,750 users in financial institutions in 23 countries, including Schroders, Anglo Irish Bank, MAN Group, Pearl Assurance and Hendersons. SWORD has recently won reader awards from the prestigious The Banker and Risk magazines.