MB has just been awarded the Model Risk Manager award by Celent, a research and consulting company for the global financial services industry.
Military Commercial Joint Stock Bank (MB) won the award thanks to the successful implementation of a near real-time maximum expected loss (VaR) calculation tool.
In the interview between Celent and the bank, Ms. Pham Thi Trung Ha – Deputy General Director and Director of MB Risk Management Division said that risk management is always the most important foundation. Therefore, the bank always focuses on implementing smart risk management initiatives, applying modern tools in areas such as market, credit, operations…, thereby improving analytical capabilities, Forecasting and decision making based on models and data.
“Learning from past lessons, we have adopted Agile working methods to realize business and governance requirements. This method helps quickly apply tools and risk models in business,” Ms. Ha said.
Representative of MB Bank 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 has successfully developed a tool to calculate maximum expected losses. (VaR) in near real time so banks can be confident in their transaction decisions, bringing many practical benefits.
Responding to the future development plan that MB risk management is aiming for, Ms. Ha emphasized the focus on promoting technology application 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 governance and ensuring compliance. comply with international standards (Basel II).
Model Risk Manager Award is Celent’s annual award to honor organizations with excellent technology initiatives in risk management globally. To win an award, a business must prove that its initiative has been successfully implemented, has a breakthrough in innovation and technology, and brings clear business benefits.
