OREANDA-NEWS. September 13, 2011. As a result, the risk management function now meets the best international standards in the industry. Also, foundation was laid for continuation of the successful transformation of the bank.

The Department of risk management strategy, methodology and control has completed MA-Risk – a project which resulted in bringing the risk management function of Bank Forum in accordance with the best international standards, reported the press-centre of Bank Forum.

MA-Risk project lasted during the first half of 2011 in two phases. In January-March 2011, full regulatory framework was developed, namely regulatory documents that describe the requirements and standards of the organization of risk management. MA-Risk norms cover the risk management strategy, lending policies, procedures for development and launch of new products, the requirements for outsourcing, internal audit, key banking processes, as well as development of the contingency plan.

The second phase, held in the 2nd quarter of 2011, consisted of the introduction of these standards into the bank’s operational activity. A series of trainings on new processes were carried out for Bank Forum employees. Later, feedback had been received, and the regulatory framework was adjusted where necessary.

The project involved over 300 employees of our bank, including representatives of the front office, back office, risk management, legal and security services.

"We took a big step to implement the best international standards of risk management in Bank Forum, laid the minimum requirements for organization of this function in the bank, consolidated regulatory framework and made a detailed description of the processes. We expect that this improvement of the risk management function will enhance the flow of new business and thus lay the foundation for profitable growth of Bank Forum," said project manager Taras Prots, director of Department of risk management strategy, methodology and control of Bank Forum.

"The terms allocated for the implementation of the project were rather ambitious and thus represented quite a challenge. The fact that MA-Risk has been completed in such a short period of time clearly demonstrates a high level of professionalism, organization and responsibility. I really look forward to see our next achievements coming with this great team," said Sascha Klaus, Chairman of the Supervisory Board of Bank Forum.

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PJSC "BANK FORUM" was founded in 1994 and is one of the largest Ukrainian banks according to the National Bank of Ukraine. Its main shareholder which owns 94,52% of its shares of Commerzbank Auslandsbanken Holding AG. As of 1 May 2011, the bank’s registered statutory capital totals UAH 5.9 bn.

Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Clients, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has above 60 sites in more than 50 countries and serves approximately 14 million private clients as well as one million business and corporate clients worldwide. In 2010 it posted gross revenues of EUR 12.7 billion with some 59,000 employees.