OREANDA-NEWS. March 10, 2011. Universalbank private open joint-stock commercial bank has launched an operational risks management system (ORMS). The bank started applying ORMS in line with requirements of the Basel Banking Supervision Committee (Basel II).

The project's goal is to introduce operational risks management systems in Universalbank, meeting the world practice, minimize possible risks, increase reliability rating and trust in the bank, as well as to raise investment attractiveness and quality of banking services.

The system will allow to effectively evaluate own operational risks and determine economically grounded need in capital for their coverage, as well as to develop own models of risk management.

Within the introduction of ORMS, Universalbank has worked out a number of normative documents in order to define basic principles and rules of work of the operational risks control system. The bank is now testing an automated operational risks evaluation system, composed on the basis of standard method of operational risk calculation recommended by the Basel Committee.

Further development of ORMS in Universalbank stipulates increase of the bank's personnel corporate culture level and controllability of business processes, minimization of the probability of risk occurrence, i.e. increase of the quality and reliability of products and services rendered to clients.

Universalbank was founded in May 2002 with the carter capital of 50 million soums on the basis of Kokand private open joint-stock commercial bank. It is headquartered in the city of Kokand, Ferghana region. Universalbank's assets made up 33.8 billion soums as of 1 January 2011.