Spain's Banco Sabadell signs up to OpVar

The bank, which has over one million customers, plans to adopt an operational risk quantification approach using OpVantage's OpVar technology. OpVar aims to allow users to understand operational risk, analyse loss probabilities and determine operational risk profiles. Version 4.0 maps data to the Basel Committee's quantitative impact study (QIS) loss event categories.

"We undertook this project in order to better understand our operational risk exposures, quantify them, and to direct mitigating actions. We also had in mind the upcoming Basel Accord and wanted to be fully compliant with the new regulations," said Tomas Varela, op risk controller at Banco Sabadell.

Other OpVar clients include Canadian Imperial Bank of Commerce, Dutch financial services firm ING, Japan's Sanwa Bank and reinsurer Swiss Re.

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