One of the fast growing public sector banks, Vijaya Bank has become the first bank in the country, to initiate the implementation of an enterprise-wide Integrated Risk Management System (IRMS) project. The distinctive feature of the project relates to integration of seven risk solutions, including credit risk, market risk, operational risk management, asset liability management and funds transfer pricing.

The scope of the project is not only to comply with the standardized approaches of Basel II Norms, but also to be compliant with advanced approaches, when in place.

The Bank has selected WIPRO Technologies as the System Integrator for the project after conducting a comprehensive due diligence. WIPRO will bring together the risk solutions, with the consortium of solution providers featuring some of the leading names in the industry. To ensure quality maintenance and management of the project, the System Integrator has been entrusted facility management for 7 years, including maintenance of data centre, networking, operating systems, database management, application management etc. The project also envisages Business Continuity and Disaster Recovery Mechanisms for all the solutions.

Vijaya Bank has engaged the services of M/s. Ernst & Young as consultant for the Bank's Integrated Risk Management System and a smooth rollover to the Basel II framework. "Banking these days is all about risk management. Going by the scorching pace at which we have been growing during the last two years, a state of the art risk management solution was felt indispensable to manage the evolving risks. Implementation of IRMS is the logical end for the early action we envisaged and executed well in advance" Sri Prakash P Mallya, C&MD of the Bank, said.