BMO subscribes to Algo First database of risk events
BMO Financial Group has signed a subscription agreement for access to Algorithmics’ Algo First database of case studies, covering more than 9,000 operational risk events.
BMO selected Algo First to supplement its management reporting, risk identification and risk awareness initiatives.
Hamish Lock, head of operational risk and senior operational risk officer for BMO, says: “We decided to subscribe to Algo First because we needed a way to expand our knowledge and understanding of significant operational risk events that could be used to challenge BMO’s operational risk profile.”
Penny Cagan (pictured), a managing director at Algorithmics, adds: “I am delighted to welcome BMO to our community of Algo First users. BMO’s operational risk staff includes thought-leaders who are very much influencing the industry’s dialogue on the interplay among different risk types. I believe that Algo First, with its broad coverage across risk categories, will provide the group with the content it needs for a critical analysis of events through scenario analysis, risk identification and awareness, and change management initiatives.”
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