Abu Dhabi-headquartered First Gulf Bank (FGB) – one of the UAE’s leading financial institutions – has contracted Dun & Bradstreet South Asia Middle East Limited (D&B SAME), to enhance and develop the bank’s risk management and compliance protocols.The tie-up will provide consultancy and technology solutions for the development of processes and systems that meet the exacting standards laid down in The Basel Capital Accord known as Basel II – which has created an urgent need amongst banking organizations for sophisticated risk management tools.  The Basel II framework will be a catalyst in moving towards an integrated, forward looking and process oriented approach to managing all business risks and opportunities, thereby maximizing customer, employee and shareholder value,” said Arif Shaikh, Executive Vice President, FGB. “Striving to comply with these standards is number one priority for FGB and are the first few steps to developing our Enterprise Risk Management (ERM) strategy. We have gone much beyond merely looking at Basel II as a compliance initiative and are introducing state of the art technology in all the three risk management streams to ensure we have the best class Technology and Risk Management processes. These initiatives give us a competitive edge in optimizing our corporate aim towards becoming truly a global bank in the future,” added Mr. Shaikh.

According to Mr. Rajesh Mirchandani, CEO of D&B SAME, D&B will work across several FGB divisions providing consultative advice and customized technology to enhance FGB’s enterprise-wide risk management framework and automate processes in Corporate Credit, Retail Credit and Operational Risk areas.  We will work with FGB to provide the insight it needs to build profitable, quality business relationships with its customers, suppliers, business partners – the companies they interact with every day. Our Risk Management Software Solutions and Analytics Solutions are designed to enable FGB to maximize its stakeholder value.  Source: dnbsame.com

BIIA Newsletter May – 2007 Issue