DBS continues to find new ways to use technology to provide better service delivery and efficiency - and most importantly, to allow our people to focus their time and energies on serving customers. This is increasingly important as business volumes grow, the level of complexity in our industry increases and our regional presence expands. For example, a new system for on-screen cheque verification by a central processing unit has increased productivity and freed branch staff to concentrate on marketing new products. Another advance improves and centralises the age-old process of cheque cutting, using the latest workflow and imaging technologies. Additional services available to our cyberbanking customers include bidding for Certificates of Entitlement for the purchase of automobiles, fixed deposit placement and instantaneous credit card enquiries.
The Customer Profile System launched in 1998 uses state-of-the-art software to capture historical information about DBS customers in a secure environment - available only to authorised banking officers - at the click of a mouse. Quick and complete access to information, and enhanced communications capabilities help us to support our operations throughout Asia and provide the same level of service in our subsidiaries that customers have come to expect in Singapore. During the course of 1998 we were also active participants in the implementation of the new, national real-time gross settlements system introduced by the Monetary Authority of Singapore and improved our back-office processes for better control of the receipt and release of funds.
Risk management capabilities are also being consolidated into a centralised group to create, within DBS as a whole, a panoramic view - across products, geography and counterparties of assets and liabilities on and off the balance sheet - of the risks we deal with every day. During the year, a credit scoring system and a data warehouse to facilitate credit analysis were rolled out internally as part of this effort. We implemented methodologies to estimate the potential credit exposure of off-balance sheet instruments through statistical analysis. On market risk management, we extended our Daily Earnings at Risk (DEaR) reporting beyond Head Office to cover major overseas branches and subsidiaries. We also put in place a system to monitor compliance with DEaR-based limits which ensures that risk-takers do not exceed the aggregate risk and concentration parameters set by senior management.
Please click here for further details of our risk management organisation and our operating philosophy for monitoring and managing risk.