MB has just been awarded the Model Risk Manager award by Celent, a research and consulting firm for the global financial services industry.
Military Commercial Joint Stock Bank (MB) won the award for successfully implementing a near-real-time tool to calculate expected maximum loss (VaR).
In an interview between Celent and the bank, Ms. Pham Thi Trung Ha - Deputy General Director and Director of MB Risk Management said that risk management is always the most important foundation. Therefore, the bank always focuses on implementing smart risk management initiatives, applying modern tools to areas such as: market, credit, operations..., thereby improving the ability to analyze, forecast and make decisions based on models and data.
“Learning from past lessons, we have adopted Agile working methods to realize business and governance requirements. This approach helps to quickly apply business risk tools and models,” said Ms. Ha.
MB Bank representative received the Model Risk Manager award - Model risk management unit. Photo: MB
Sharing more about Celent's award-winning initiative, Ms. Pham Thi Trung Ha said that after carefully studying the software system of partner Finastra, MB successfully developed a near real-time maximum loss (VaR) calculation tool so that the bank can be confident in its trading decisions, bringing many practical benefits.
Responding to the future development plan that MB risk management is aiming for, Ms. Ha emphasized the focus is on promoting the application of technology for all key risk management areas.
Previously, in 2023, MB was awarded the Innovation Excellence Award by Oracle for organizations with outstanding innovation in applying OFSAA platforms to internal management and ensuring compliance with international standards (Basel II).
The Model Risk Manager Award is Celent’s annual award to honor organizations with outstanding technology initiatives in risk management globally. To win the award, businesses must demonstrate that their initiatives have been successfully implemented, have a breakthrough in innovation and technology, and bring clear business benefits.
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