Faisal Islamic Bank of Egypt has selected SunGard’s suite of enterprise risk management solutions to help build a new operational framework for improved risk exposure, reporting and Basel compliance.
As a leading player in the Egyptian banking sector, the bank recognised a need to transform its risk infrastructure to comply with international and domestic regulatory standards.
Using SunGard’s solution site, the bank plans to centralise all of its risk activities to help identify, measure, monitor and manage risk more effectively.
By automating and centralising the risk management processes will help the bank increase risk exposure transparency and reduce reporting time. The bank will also benefit from the solutions’ best practise, out-of-the-box reporting and monitoring to help improve balance sheet management and drive value from more sophisticated, forward looking analysis.
Mohammad Abdulalim, sector head of risk management for Faisal Islamic Bank, said: “As a pioneer of Islamic banking in Egypt, when evaluation our risk and compliance requirements, we wanted to implement a solution that would help enhance not only our compliance capability but our competitiveness in this market.”
“SunGard provides us with a fully comprehensive solution site underpinned by global and local best practise and standards.”
Wissam Khoury, managing director of the Middle East for SunGard, said: “Banks that continue to run legacy risk management systems face challenges in meeting today’s risk and compliance requirements.”
“Coupled with increasing central bank pressure to comply with international standards, we see these as key drivers to a wave of risk management transformation in the Egyptian banking sector.”
“Faisal Islamic Bank of Egypt is taking steps to upgrade its operational capabilities and our technology will help them drive competitive advantage from their risk and compliance initiatives.”
.jpg)