Oriental Bank of Commerce is proposing to implement an operational risk management system, including advisory services for operational risk management framework in line with the guidelines of the Basel Committee on Banking Supervision and the Reserve Bank of India. The bank has sought proposals in this regard from eligible service providers. The solution will benamed Operational Risk Management System (ORMS). At present, the bank follows Basic Indicator approach for capital calculation. The bank wants the ORMS to be available at enterprise-wide level and it would cover among other things risk and control self-assessment, risk control data library, key risk indicators, internal loss data, external loss data, action plan, scenario analysis including stress testing, business and internal control environment and insurance as risk mitighation of operational risk.
