In a bid to help financial institutions achieve Basel II and other regulatory compliance, Protiviti, a risk consulting firm, has signed a technology agreement with RiskBusiness International.
RiskBusiness International is responsible for developing key risk indicators (KRIs) for the financial services and other industries.
The technology agreement combines Protiviti’s Operational Risk Management (ORM) portal with access to the KRIeX deep library of content to enable organizations to more effectively measure and ultimately benchmark key risk indicators.
These new capabilities are expected enhance the holistic view of critical enterprise-wide risks with specific business and functional risk indicators and enable organizations to manage key risks more proactively.
Mike Finlay, managing director at RiskBusiness International, said, Protiviti’s support for the KRI Library will deliver direct value-add to their client-base. As more banks and insurance firms recognize the value of standardized indicators and the benefits of benchmarking their own indicator values against their peers, the online access and reporting functionality provided by the ORM Portal will be a crucial differentiating factor to KRI Library subscribers.