Bahrain-Based Bank ABC Selects Nasdaq BWise for its GRC-Related Needs
- ABC Bank selects Nasdaq BWise's governance, risk management, and compliance (GRC) solution.
A leading provider of enterprise governance, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and compliance (GRC) solutions, Nasdaq BWise, a subsidiary of the exchange operator's array of businesses, today announced that it has been selected by Bahrain-based Bank ABC, according to an official Nasdaq press release today.
Bank ABC is an international bank originally incorporated as the Arab Banking Corporation (ABC) in the early 80's and currently headquartered in Manama, Bahrain. The company provides Islamic finance among other related products in the region that it offers as a regulated conventional wholesale bank. Bank ABC chose the Nasdaq BWise solution to help expand and enhance its risk management, internal audit processes, and reporting, according to the update.
The addition of BWise is expected to help Bank ABC lower its cost of compliance while reducing related administrative burdens, and to help streamline its approach to audits, among other efficiencies and perceived benefits aimed to help the firm gain control of key organizational risks.
Streamlining Compliance
Olivier Nijland
Source: LinkedIn
BWise’s platform for GRC solutions will also enable Bank ABC to create various management reports and dashboards to capture key metrics related to monitoring risk issues and related compliance Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term that the bank has.
Commenting in the official press release, Olivier Nijland, Group Head of IT Risk at Bank ABC, said: “We were searching for an integrated risk, compliance and audit tool that enables us to enhance and strengthen our risk management practices throughout the organization.”
Mr. Nijland added: “Nasdaq BWise was selected because of the flexibility and rich functionality in one integrated platform, support for Arabic language and the availability of best practices for implementation. In this way the compliance, risk and audit departments will all have access to the right information across the bank globally. We endorse and envision a better collaboration in order to make better business decisions for the bank.”
A leading provider of enterprise governance, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and compliance (GRC) solutions, Nasdaq BWise, a subsidiary of the exchange operator's array of businesses, today announced that it has been selected by Bahrain-based Bank ABC, according to an official Nasdaq press release today.
Bank ABC is an international bank originally incorporated as the Arab Banking Corporation (ABC) in the early 80's and currently headquartered in Manama, Bahrain. The company provides Islamic finance among other related products in the region that it offers as a regulated conventional wholesale bank. Bank ABC chose the Nasdaq BWise solution to help expand and enhance its risk management, internal audit processes, and reporting, according to the update.
The addition of BWise is expected to help Bank ABC lower its cost of compliance while reducing related administrative burdens, and to help streamline its approach to audits, among other efficiencies and perceived benefits aimed to help the firm gain control of key organizational risks.
Streamlining Compliance
Olivier Nijland
Source: LinkedIn
BWise’s platform for GRC solutions will also enable Bank ABC to create various management reports and dashboards to capture key metrics related to monitoring risk issues and related compliance Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term that the bank has.
Commenting in the official press release, Olivier Nijland, Group Head of IT Risk at Bank ABC, said: “We were searching for an integrated risk, compliance and audit tool that enables us to enhance and strengthen our risk management practices throughout the organization.”
Mr. Nijland added: “Nasdaq BWise was selected because of the flexibility and rich functionality in one integrated platform, support for Arabic language and the availability of best practices for implementation. In this way the compliance, risk and audit departments will all have access to the right information across the bank globally. We endorse and envision a better collaboration in order to make better business decisions for the bank.”