BWise Regional Banking Best Practices Produce Results at Central Bank
New York, NY and 's-Hertogenbosch, Netherlands, December 18, 2012 – BWise, a NASDAQ OMX company and the leading provider of Enterprise Governance, Risk and Compliance (EGRC) Management software, announced today that its independent analyst recognized software is implemented using regional banking best practices at Central Bank, central Kentucky’s leading independent banking institution.
Being in control of risk management and regulatory compliance is essential for the survival of a banking organization in today’s dynamic economic climate. As a result, more banks are using GRC management software such as BWise to manage compliance with financial regulations and serve stakeholders with more transparent insight into their operations.
Central Bank sought a software solution that could consolidate and find uniformity among various business programs in order for the bank to continue to innovate. Specifically, Central Bank was searching for a technology solution and best practice implementation approach that would enable enterprise-wide risk assessments, ultimately resulting in more reliable and consistent business intelligence. With BWise enterprise GRC software, Central Bank can quickly develop its risk and control frameworks, set a foundation for standardization in risk language throughout the bank and rapidly achieve ROI.
“A key factor in deciding to choose BWise as our enterprise GRC platform was its ability to enable an enterprise-wide risk assessments program,” said Luther Deaton, Jr., Chairman, President & CEO of Central Bancshares, the holding company for Central Bank. “After a thorough procurement process, where BWise demonstrated its approach to assisting regional banks, Central Bank chose BWise to manage its compliance with financial regulations and its internal compliance.”
The BWise integrated GRC software platform can manage multiple risk frameworks to meet the multiple regulatory needs of different departments at Central Bank. The Technology Services department at Central Bank primarily uses the COBIT standard to manage business controls. The finance office at the bank must manage Sarbanes-Oxley financial controls and reporting. These programs are both managed using BWise. The integration across various business programs at Central Bank has enabled the institution to rapidly report a return on its investment in BWise.
“As a regional bank in the new financial and regulatory landscape, Central Bank and other regional banks must meet greater stakeholder demand for oversight and innovation. Having a progressive GRC strategy, based on best practices, is a key step in this new environment,” said, Luc Brandts, CTO of BWise. “Central Bank understands that with an EGRC solution, such as BWise, it can meet its internal and regulatory compliance programs and also attain rapid ROI. We are very pleased to add Central Bank to the growing number of regional banking customers that have found success with BWise.”