Nasdaq BWise GRC Platform selected by State General Reserve Fund for Enterprise Risk Management
Muscat, Oman and New York, NY – April 19, 2016 – Nasdaq BWise (Nasdaq: NDAQ), a global leader in enterprise Governance, Risk Management and Compliance (GRC), announced today that it has been selected by State General Reserve Fund (SGRF), the largest sovereign wealth fund in the Sultanate of Oman, to support their enterprise risk management (ERM) processes based on the principles of the COSO ERM methodology.
SGRF was looking for a software solution to enhance its risk and control management practices based on the COSO ERM principles that could be embedded across the organization providing one, holistic view on the companies’ risks. The BWise Rapid Deployment approach (RDS) for Enterprise Risk Management will support SGRF in standardizing their risk management practices across the organization, provide one source of integrated information, enable better risks and controls analysis, and streamline overall risk management.
“We were searching for a risk tool that was able to deliver on most of the COSO ERM components, but we wanted to keep things simple, easy to use and fast to process,” said Susan Daniel, Director of Risk and Compliance, SGRF. “BWise was selected because of the rich functionality of its enterprise risk management solution and best practices based implementation plan from the BWise team.”
State General Reserve Fund (SGRF) was established in 1980 by a Royal Decree 1/80. It endeavors to achieve long term sustainable returns on the revenues generated from the oil and gas, and that are surplus to the state's budgetary requirements. On behalf of the Government of Oman, SGRF manages the reserves placed in its care to achieve best possible long term returns with acceptable risks, through investing in a diversified portfolio of asset classes in more than 25 countries worldwide.
“We are proud to be working with the State General Reserve Fund, which is one of the world’s leading sovereign wealth funds,” said Rob van Straten, Global Head of Sales and Professional Services, Nasdaq BWise. “We have been delivering successful projects in the Gulf States for several years, with demand increasing in the industrial sector as well as from financial services companies and institutions. Our best practice-based delivery is often selected to ensure short implementation times. Additionally, customers can deploy BWise easily across their organizations as BWise supports the Arabic language.”
The BWise Rapid Deployment delivery method for Enterprise Risk Management offers a standard approach that provides practical steps and logical procedures to build a consistent ERM Program. The BWise RDS ERM includes pre-defined fields, data and authorization models, processes, workflows and sets of reports based on best practices and ERM standards to get an organization started with solid risk management GRC practices quickly.