Alghanim Industries successfully implemented BWise for
Financial Reporting Compliance and Risk Management
New York, NY, Shuwaikh, Kuwait, and ‘s-Hertogenbosch, Netherlands, January 10, 2012 – BWise, the global leader in Governance, Risk management and Compliance (GRC) software solutions, announced today a successful implementation for Financial Reporting Compliance and Risk Management at Alghanim Industries, one of the largest privately-owned companies in the Gulf region.
Alghanim Industries, headquartered in Kuwait, recently implemented an internal controls program that includes the testing and monitoring of key controls across its various businesses, which span a number of international locations. Though not required by any regulation, Alghanim elected to proactively implement a Sarbanes-Oxley type framework of internal controls over financial reporting as part of its continuing efforts to adopt global best practices. To achieve this in the most efficient way, Alghanim chose BWise as its GRC software platform. BWise was installed and implemented across 60 concurrent users. A Risk Management and Control (RMC) team of four professionals along with other trained users identified, documented and tested nearly 700 key controls in ten processing cycles across the organization with BWise.
Risk and Control Framework Implementation
The implementation and configuration of the system was accomplished according to BWise best practice, which facilitated the introduction of the system on time. Mr. Herbert Alagaratnam, Senior Manager of Risk Management and Control, said, “The BWise consultants were professional in their approach and were very patient throughout the project. All the consultants adjusted well to our business environment. They brought a very positive attitude to this project.” Mr. Alagaratnam noted that BWise consultants have a thorough knowledge of the BWise platform and they also provided guidance on best practices to make this project a success.
Alghanim Industries, named one of Hewitt Associates’ Best Employers in the Middle East and one of Asia’s Best Employer Brands, is one of the largest privately-owned companies in the Gulf region. A multi-national company in outlook with operations in 40 countries, Alghanim Industries is a multi-billion dollar conglomerate with more than 30 businesses. The firm has established strongholds in the Middle East, India, Vietnam and Turkey, dealing with over 300 global brands and agencies. Alghanim Industries is involved in sectors such as: retail sales of electronics and home furnishings, industrial products (pre-engineered buildings and insulation), automotive sales and services, distribution of consumable goods, and engineering. Alghanim Industries employs over 12,000 employees across 64 nationalities. For more information, visit www.alghanim.com.