Societe Generale utilises new risk management technology

12 August 2010

French financial institution Societe Generale has adopted a new risk management system provided by MetricStream.

According to the firm, the financial technology infrastructure will allow the bank to integrate risk assessments from a variety of countries and processes using one platform.

When implemented across Societe Generale’s banking network, all regulatory requirements related to risk and compliance will be monitored via this central area.

The bank’s corporate and investment banking division in the UK have already introduced the new technology as part of the first phase of the roll out.

Chris Davis, head of compliance at Societe Generale, said: "We believe we are the first global bank to conceive and implement an enterprise-wide Compliance Risk Assessment and Management platform - it is a model in technology advancement that will potentially be a benchmark in the industry for how complex compliance challenges can be managed effectively.”

He added that this particular risk management solution is “architected in line with our vision and expected benefits”.

MetricStream claimed that the new technology will enable the bank to use algorithms and other methodologies to calculate risk and mitigation.

By Jim Ottewill

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