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MB secures prestigious international award for excellence in risk management
Military Commercial Joint Stock Bank (MB) has once again been recognised for its leadership in risk management innovation, securing the Model Risk Manager Award from global financial services research and consultancy firm Celent.
This prestigious accolade, bestowed on March 21, acknowledges MB’s implementation of a cutting-edge tool for near real-time value at risk (VaR) calculations.
The Model Risk Manager Award is Celent's annual award to honour organisations with excellent technology initiatives in risk management globally. To win an award, a business must prove that its initiative has been successfully implemented, has a breakthrough in innovation and technology, and brings outstanding business benefits.
MB’s deputy CEO and director of Risk Management Division, Pham Thi Trung Ha, underscored the bank’s commitment to risk management as its cornerstone, stating, “Risk management is the bedrock of MB," emphasizing the bank's dedication to deploying sophisticated risk management solutions across various areas, thereby enhancing model-based analysis, forecasting, and decision-making.
"Drawing on past experiences, MB has adopted agile methodologies to meet business and governance demands swiftly, facilitating the immediate integration of tools and risk models into its operations," Ha emphasised.
Following an in-depth analysis of Finastra’s offerings, the bank has successfully developed an integrated solution that facilitates near real-time VaR assessments. This capability empowers MB to proactively make transaction decisions, which have delivered substantial benefits.
"Looking ahead, our strategic outlook is centred on harnessing technology to fortify all critical areas of risk management," she concluded.
The recognition from Celent builds on MB's previous laurels, including the 2023 Innovation Excellence Award from Oracle for its innovative application of the OFSAA platform to enhance internal governance and align with international standards, including Basel II.
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