Universalbank started to introduce the system on management of operational systems (SMOS) in line with the requirements of the Basel Committee on Banking Supervision (Basel II).

The project is aimed at meeting requirements of international practice on operational risks management as effective tool on rationalizing and optimizing business processes, decreasing possible risks, increasing rating reliability and trust to the bank, as well as increasing investment attractiveness and quality of the banking service.

The system will allow Universal bank to assess own operational risks and determine economically sound demand for capital to cover operational risks, as well as develop own risk management model.

Within the introduction of the system, Universalbank developed several normative documents, which will allow to determine main principles and rules of the work of the system on risks management control.

The bank said it is testing automated system of assessment of operational risks, which was developed based on standard method of calculation of operational risks, recommended by the Basel Committee.

Universalbank said it will also develop level of corporate culture among the personnel, improve business processes, minimize probability of the risks in business processes, improve quality and reliability of the products.

Universalbank private open joint stock commercial bank was founded on 25 May 2002 with charter capital of 0.05 billion soums on the base of Qoqand private open joint stock commercial bank. The headquarters of the bank is located in Qoqand city, Ferghana region. The main clients of the bank are small and private businesses, as well as retail clients.