Strategic Partnership Introduces Integrated Risk Management Solution for Enhanced Operational Resilience.
RAKBANK stated that it will enter into a strategic partnership with Paramount and Archer for an advanced Governance, Risk, and Compliance solution. The partnership will strengthen the risk management and compliance framework of the bank as part of its operational resilience and excellence commitment.
PC: Triterras
Under the partnership, RAKBANK will also be introducing the financial sector-specific solution, IRM, in which the bank could centralise and streamline the management of risks. Operational risk, IT risk, third-party risk, compliance management, and business continuity are part of the solution. The proposed solution will therefore integrate all these functions into one platform to create a comprehensive GRC hub, giving the leadership of RAKBANK real-time insights into governance and compliance through a unified dashboard. Improved visibility should, therefore, improve decision-making and encourage a more proactive approach to governance and compliance.
Farhan Mahmood, Group Chief Risk Officer at RAKBANK, said, “Our partnership with Archer and Paramount is a significant milestone in our continuous journey to enhance governance and risk management through a new GRC system. This solution will help us stay ahead of regulatory changes, allowing us to focus on what really matters—delivering innovative, personalised solutions that meet the changing needs of our customers.”
According to Premchand Kurup, CEO of Paramount, “The Middle East is increasingly becoming the next growth engine of the world. A key role, of course, belongs to leaders of banking and the leading banks; RAKBANK in that respect has played an iconic role and will continue playing that iconic role, no doubt about that. GRC solutions essentially serve as essential guardrails for growth-that ensure risk is managed properly yet remaining agile as businesses go ahead.” We are excited at the opportunity to assist RAKBANK in streamlining processes, increasing efficiency, and focusing on what matters most-delivering impact.
Nitin Rajotia, Vice President – GRC & Data Privacy at Paramount, said, “RAKBANK is known to leverage technology to drive operations, and we are more than happy to support that vision by automating GRC processes through Archer. This will further strengthen governance and bring the bank to a higher platform of customer service, yet on a strong foundation of risk management.”
The most crucial step that RAKBANK needs to take in order to enhance its risk management practices to fit within an ever-evolving regulatory environment is the introduction of this integrated solution. Through this GRC platform, it will equip the bank with proper tools that are necessary in managing risk in all areas for optimal operational agility, with a regulatory compliance position never in doubt.
It points out RAKBANK’s commitment to innovation and excellence in governance, being ahead of the curve in the financial sector, and embracing the best-in-class solutions supporting sustainable growth and customer-centric service delivery.
