OREANDA-NEWS. URSA Bank is among the first Russian banks undertaking a major overhaul of its risk management system to bring it in compliance with the best practices. The project is undertaken in partnership with ABN AMRO Risk Advisory Services and is co-financed by FMO, a Dutch development agency supporting companies and financial institutions in transitional countries by investing risk capital.

The project will last 12 months during which a team of ABN AMRO RAS specialists will be working both on-site and off-site to upgrade URSA Bank’s risk management system so that it can meet the demands of the Bank’s growing and increasingly complex operations. In addition to business benefits, this project will also prepare URSA Bank for full implementation of Basel II.

John McNaughton, Managing Director of URSA Bank, views the implementation of best risk management practices as being of strategic importance. In his words, the project will support the Bank in its efforts to further improve its competitiveness, to enhance capital management, and to raise its profile with international investors. ABN AMRO RAS will be assisting and consulting URSA Bank throughout the transition process, by sharing its know-hows, tools, and experience with the Bank’s risk management specialists.

ABN AMRO Regional Director Cris van Kempen highlights the importance of risk management system to corporate governance. “URSA Bank is a fast growing bank gaining leading position in Russian regions. I believe this project will ensure a sound growth of its key indicators”.