Saudi Hollandi Bank successfully implemented BWise for Operational Risk Management, Internal Audit and Compliance Management
‘s-Hertogenbosch, Netherlands, Riyadh Saudi Arabia, and New York, NY, September 24, 2012 – BWise, a NASDAQ OMX company and a global leader in Governance, Risk and Compliance (GRC) management software, announced today a successful implementation for Operational Risk Management, Internal Audit and Compliance Management at Saudi Hollandi Bank, one of the banks first established in the Kingdom of Saudi Arabia.
The bank’s main GRC challenge was to streamline its different business processes into one integrated way of working, aligning Operational Risk Management, Internal Audit and Compliance Management. BWise was selected as the GRC platform to provide automation tools and reporting tools for the three functions. Ultimately, one integrated GRC platform was implemented following BWise best practice standards. This has enabled Saudi Hollandi Bank to comply with its many different regulations in the most efficient and pragmatic way, while also working with streamlined business processes across all three departments.
Fadhel Al-Munasif, Saudi Hollandi Bank, Head of Operational Risk described how BWise enables the bank to support its requirements of one way of working, “As is the current status in the banking industry we must comply with a lot of different regulations. BWise offers us one approach to cover all of these needs. The different business processes are streamlined with each other but still taking into account that we need to handle three different roles. We appreciate that the BWise team has implemented the software for their pragmatic and no nonsense approach while also respecting the bank’s way of working and culture. It was a pleasure to work with them and we are satisfied with the results.”
Rob van Straten, Sr. Vice President Sales at BWise, said, “BWise has already successfully implemented the BWise GRC platform in a number of countries in the Middle East region. We're proud to also welcome Saudi Hollandi Bank as a new customer and we believe we can help them leverage their approach to realize quality improvements and efficiencies.”
About Saudi Hollandi Bank
Saudi Hollandi Bank, the first bank in the kingdom of Saudi Arabia, was established in 1926. Originally, it was known as 'The Netherlands Trading Society', and operated out of one office in Jeddah. As it was the only bank in the Kingdom at the time, it acted as the central bank, keeping the Kingdom's gold reserves and receiving oil revenues on behalf of the Saudi Arabian government.
Today Saudi Hollandi Bank offers a wide range of products and services to corporate- and institutional customers. Over the ensuing years, SHB have continued to expand and develop. SHB introduced a number of technical innovations in banking and expanded its range of products and services and its customer base. Today, the company employs over 1,400 staff and operates through a network of more than 50 branches, 15 Ladies Sections and over 260 ATMs. For more information, visit http://www.shb.com.sa/