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• A novel numerical approach for solving SIVIE has been proposed first time ever. • Operational matrices are used to transform the SIVIE into a system of algebraic equations. • Resultant system of algebraic equations has been solved by the collocation method. • This technique has the advantage of being simple to implement. • Error estimate, convergence, and stability analysis are also established. In this paper, a numerical method is implemented to solve the stochastic Itô-Volterra integral equations. In this approach, operational matrices have been applied to reduce the stochastic Itô-Volterra integral equations to linear algebraic equations. Then collocation method is applied to solve the algebraic equations. The error, convergence, and stability analysis of the proposed method are discussed. Also, the steps of the proposed method have been presented in the form of an algorithm. Numerical examples are introduced to confirm the efficiency and reliability of the proposed scheme. [ABSTRACT FROM AUTHOR]