JPMorgan Treasury Services has introduced a Chinese-language version of Horizon, it's operational risk management solution, and announced new customer wins at the Bank of China's US operations and the World Bank. The US investment bank has also won approval to operate its Internet banking services in India and China.
Horizon is a Web-based, enterprise-wide operational risk management service designed to help managers of banks and central banks to document the controls established to mitigate risk, evaluate business units' compliance efforts and identify areas of the business that lack proper control procedures.
By offering a Chinese language version, JPMorgan says it aims to help companies in China to adopt sound methodologies and technology in the area of operational risk.
The package has been selected by Bank of China, US Branches, which has also engaged JPMorgan Treasury Services as its implementation services advisor. "We saw tremendous benefit from the ongoing opportunities we will have to share best practices with other Horizon clients, many of whom are industry leaders in operational risk," says Kenneth Ge, deputy general manager for Bank of China, US Branches.
The World Bank has also selected the Horizon system and implementation advisory services from JPMorgan Treasury Services to help create transparency across the group's finance business lines. In addition, the bank will use the JPMorgan Horizon Risk/Loss Events module to record and analyse its events and losses.
In a separate announcement, JPMorgan Treasury Services says it has received approval from the China Banking Regulatory Commission (CBRC) and the Reserve Bank of India (RBI) to offer Internet banking services in those countries.
The approval covers five products: JPMorgan ACCESS; Trade Information Exchange (TIE); Trade Origination Process (TOP); eServe; and EC Gateway.