New Zealand's central bank is looking to software to support its mission of ensuring the stability of the financial system.
The Reserve Bank is deploying risk management software from Wynyard Group to aid its decision making and to enhance its enterprise risk management model, said Steve Gordon, the bank's head of risk and assurance.
RBNZ is responsible for monetary policy and supports the effective functioning of the country's financial system.The Wynyard software automates the methods and processes used by organisations to more effectively manage governance, risk management and compliance.
Gordon said the software will help ensure global and internal risks are assessed and managed in a timely manner.
Yesterday, global insurer Lloyd's said man-made and natural threats put an estimated NZ$11.85 billion of New Zealand GDP at risk over the next decade.
The Lloyds City Risk Index found, as a major exporter of agricultural commodities, New Zealand was highly exposed to the global economy. Therefore the country's risk profile was dominated by man-made threats.
A market crash, for instance, accounted for NZ$6.6 billion of the total GDP at risk. An oil price shock was the second most significant man-made threat.
Natural threats such as flood, volcanic eruption, earthquake and human pandemic accounted for just 27 percent of the GDP at risk.
Once implemented, use of the Wynyard software could be expanded to include monitoring compliance with the government's Protective Security Requirements, a policy framework for protecting people, assets and information.