A leading provider of enterprise governance, risk management 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.
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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 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.”