Using Lean 6-Sigma to manage operational risk - the CVA Way
Posted on 10 July 2017 by Andrew Lenti, TOPP TI Managing Director
We are pleased to announce our most recent collaboration with Frankfurt-based, financial services consulting firm CVA Services GmbH.
Who are CVA Services? CVA Services is an IT solution consulting firm with a speciality in risk management & quantitative analytics supporting financial services industry. Their service offering include assisting clients in the software selection process by partnering with their client’s business experts during the target state design phase to allow for a thorough gap analysis exercise to be performed and communicated to the decision committee. Their client base includes banks and Fin Techs alike.
With a deep regulatory background and industry knowledge from the vast experiences of its three partners, CVA Services offers its clients comfort and confidence during the investment analysis phase ensuring that the decisions made by their clients are based on sound logic and the customised needs.
The decision
The decision to partner with us was made by Founder Thomas Schwiertz after meeting with our Management Team in Frankfurt last April. CVA Services, originally being specialised in market risk analytics, has since expanded its service offering by including operational risk analysis and mitigation. In addition to the staff hired by their management team, Schwiertz expressed an immediate interest in investing in the promotion of our Lean 6-Sigma, operational risk management enterprise solution P.R.E.S.T.O. to CVA clients, many of which are actively involved in increasing expenditures on operational risk mitigation.
Schwiertz’s decision to invest in operational risk was partially based on the recent publication of the European Banking Authority (EBA)’s EU-wide stress test draft methodology which identifies all relevant risk areas for the financial services industry including Basel's new SMA (standardized measurement approach) for operational risks which installs a structure to identify, assess, monitor, and document risks present from week operational controls. PRESTO, first created as a stand-alone solution in a large multinational organisation in Italy in response to a large financial loss occurred as a result of weak operational controls during a corporate action- related custody event, has since developed to a cloud-based, multi-user business management solution offering risk managers an easy means to identify, track and assess the controls in place in business operations and provide ongoing analytics to support the prioritisation into the portfolio of risk reduction opportunities that the interface allows its users to cultivate.
For more information about CVA Service's newest operational risk department, please visit: OpRisk Basel IV – Back to Basics