Qatar Islamic Bank (QIB) has implemented a state-of-the-art Operational Risk Management system provided by MetricStream to consolidate operational risk data and convert it into actionable risk intelligence that can support better decision-making and improved business performance.
The initiative, which is part of QIB’s board of directors ‘strategic direction’ to invest in technology to maintain QIB’s leadership in the banking sector, is in line with Qatar’s vision to advance the country’s financial services sector in terms of technology.
The system will capture and analyse operational risk data across multiple business lines, products, and processes in an efficient, consistent, and integrated manner supporting the bank to achieve sustainable profitability and strong governance of operational risks.
Considering the increasing operations of the bank, it is essential for senior managers to assess operational risks when formulating business strategy and making decisions, QIB said.
The new system will provide QIB with a single, comprehensive view to manage operational risk management requirements. The system supports operational risk identification and assessment, control evaluation, issue remediation, KRIs monitoring, and risk reporting.
It cuts across organisational siloes, gathering, and transforming operational risk data into critical risk intelligence to strengthen decision-making. Supported with a flexible data model and extensive workflow capabilities, it will centralise all data and processes related to operational risk management and their corresponding controls and mitigation plans in a reusable library.
The new system will integrate with existing IT systems to automatically and seamlessly gather relevant information for risk assessments, risk monitoring, and reporting.
This approach will free up resources and costs to be directed to more value-added activities such as risk analysis and proactive management of operational risk, helping the bank to further strengthen a culture of operational risk awareness in full compliance with the regulatory requirements of the Qatar Central Bank.
“QIB is continuously investing in cutting edge technology as part of the bank’s ongoing efforts to upgrade its IT infrastructure. Operational risk has been a key focus area in the bank for the past few years and the new system will help us strengthen a strong operational risk management culture and reduce the bank’s exposure to operational risks. In addition, it will allow us to improve customer service and increase internal efficiencies,” said QIB Group chief risk officer Rakesh Sanghvi.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
With airline fleets grounded, plane recyclers bet on parts boom
Qatar fiscal strength limits vulnerability from oil price shocks, says Moody’s
Good time for small businesses to go digital: says entrepreneur
Nomura CEO signals more job cuts in Europe to reverse losses
RBC eyes more private-equity dealings in 2019 to gain edge
Europe markets test investor nerves in roller coaster ride
Foxconn to begin assembling top-end Apple iPhones in India in 2019: Source
Japan factory output falls, sales slow as risks to economy rise
Nissan to make fewer cars in China as demand slows