Faisal Islamic Bank of Egypt has chosen SunGard’s suite of enterprise risk management solutions to develop a new operational framework for improved risk exposure, reporting and Basel compliance.
The implementation of SunGard’s suite will allow the bank to centralize all of its risk activities to identify measure, monitor and manage risk more effectively.
In addition, the solution will also provide more accurate insight to support investment decision making.
The bank will also deploy SunGard suite’s best practice, out-of-the-box risk reporting and monitoring to improve balance sheet management and drive value from more sophisticated, forward looking analysis.
The bank said that it is seeking to transform its risk infrastructure to comply with international and domestic regulatory standards.
The centralization of the bank’s risk activities will increase its risk exposure transparency and reduce reporting time.
Mohammed Abdulalim, sector head of risk management, Faisal Islamic Bank of Egypt, said: "We hope that the company’s strong footprint in the Middle East and proven implementation success in Islamic Finance will be key to helping us improve our risk management practices, particularly with the automated measurement of regulatory capital for Basel compliance in credit, market and operational risk."
Wissam Khoury, managing director, Middle East, 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," he added.