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SBI to Deploy Enterprise-wide Risk Management|
- By Abhinna Shreshtha, Jun 05, 2009 1634 hrs IST
- Tags : State Bank of India SBI , enterprise-wide risk management soltuion, IRM, Abhinna Shreshtha
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State Bank of India has plans to deploy a single, enterprise-wide integrated risk management (IRM) solution. The project is in very early stages, and the bank has short listed 10 potential solution providers. If things go ahead as planned, SBI will become the first bank in India to deploy IRM.
A source within the organization said SBI would make an official announcement in the coming weeks. SBI is planning to integrate existing individual risk management solutions into the new platform.
Having a holistic approach towards risk management is an emerging trend among Indian banks. Rather than having piece-meal solutions working in silos, a single, enterprise-wide solution gives depth to risk management.
The bank has also recently reworked its disaster recovery and business continuity policy. The new policy was accepted in January this year. It is learnt that currently around 50% of SBI branches all over India have switched over to the new business continuity policy.
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