Kiatnakin Bank selects BWise for Operational Risk Management
‘s-Hertogenbosch, Netherlands and Bangkok, Thailand, October 29, 2012 – BWise, a NASDAQ OMX company and a global leader in Governance, Risk Management and Compliance (GRC) software, announced today that Kiatnakin Bank, headquartered in Bangkok, selected BWise to address its operational risk requirements. In order to deliver local, high quality implementation services, BWise coordinated the software implementation together with its regional partner Yip In Tsoi & Co., Ltd, I.T. Consultancy in Thailand.
Kiatnakin (formerly known as Kiatnakin Finance and Securities Company Limited) was founded in 1971. In 2005 Kiatnakin began to officially operate as a commercial bank under the name “Kiatnakin Bank Public Company Limited.” The bank’s total assets are Baht 223,865 million. Currently, the Bank has eighty branches throughout the country, including its headquarters in Bangkok. In order to offer its risk department a comprehensive solution to efficiently track, measure and manage its key operational risks, Kiatnakin investigated the full landscape of available solutions. After a thorough analysis, the BWise GRC platform, in combination with the implementation services of BWise and its local partner Yip In Tsoi emerged as the best solution for Kiatnakin Bank.
Mr. Wanakan Kanjanasoon, VP at Kiatnakin, said, “At Kiatnakin Bank we wanted to improve the tools in use by the risk function in the bank, and wanted to support the business units by offering easy to use software tools for their registration, reporting and follow up actions on operational losses, risk assessments, control testing, KRI reporting and alerting and risk scenario distribution. Both the rich functionality and reporting capabilities of BWise complied with our requirements. The best practice implementation approach of BWise and Yip In Tsoi may help us gain more confidence in successful deployment of the solution.”
Mr. Supak Lailert, Senior Executive Vice President Professional Services, Yip In Tsoi, said, “We are proud to have been rewarded the contract of Kiatnakin Bank. Currently we see a lot of interest from banks in Thailand to improve their risk control and reporting capabilities to regulators. Utilizing our strategic partnership with BWise, we now can offer customers in Thailand sophisticated, risk management software, recognized by independent analysts. The Yip In Tsoi GRC competence center has been fully trained to implement and service BWise’s Governance, Risk management and Compliance platform in the region. We expect more projects to follow.”
Rob van Straten, Senior Vice President of Sales EMEA and APAC at BWise, said, “Kiatnakin Bank is an important customer for BWise and our strategic partner Yip In Tsoi. We appreciate the bank’s professional view on operational risk management and are excited to present their project as a cornerstone reference to the Thailand banking sector. We have been at their offices quite a few times to ensure the project success and to further educate our partner Yip In Tsoi in deploying professional GRC services. We are keen on developing our presence in the financial and industrial sector in Thailand to help public and private companies minimize risk, maximize efficiency and increase transparency with a suite of governance, risk management and compliance solutions.”
About Yip In Tsoi
YIP IN TSOI & CO., LTD. is a leading provider of integrated solutions including software, applications, hardware and consultation to its customers covering broad base of industries with strong proof of success in leading industries such as finance & banking, telecommunications, government sector and private alike. The company also provides customers with complete IT services including network maintenance, computer peripherals and accessories with quality service. The company works with its customers to provide solutions that are best fit their requirements, giving them competitive advantages and peace of mind. Providing such solutions, Yip in Tsoi partner with top notched technology providers worldwide. More information about our services, visit our web site at www.yipintsoi.com.
About Kiatnakin Bank
Kiatnakin (formerly known as Kiatnakin Finance and Securities Company Limited) was found in 1971. Later on in 2005, Kiatnakin began to officially operate as a commercial bank under the name “Kiatnakin Bank Public Company Limited”. Kiatnakin is rated “A-” with positive outlook by Tris Rating Company Limited. This rating reflects stable business growth and strong capital base to accommodate volatile economic conditions in the future. The Bank’s Capital Adequacy Ratio, as of June, 2012, is 14.01% based on Basel II. Total assets are Baht 223,865 million. Currently the Bank has 80 branches countrywide (including Headquarter in Bangkok)
Kiatnakin Group comprises Kiatnakin Bank Public Company Limited, Kiatnakin Securities Company Limited (Bank holds 99.99%), Erawan Laws Office Company Limited (Bank holds 99.99%) and Kiatnakin Fund Management Company Limited (Bank holds 60.00%)