As African banks strive to meet regulatory trends within the global financial market, First Bank of Nigeria Plc is staying ahead of the pack with the acquisition of a world-class risk management solution from SAS.
A statement from the bank says the acquisition is mainly to comply with global compliance trends and regulations such as Basel II and for it to manage its risk effectively, while creating transparency and control within its data. SAS, world’s leader in business analytics software and services, and the largest independent vendor in business intelligence market, will be assisted by its local partner Resourcery Plc Nigeria, in deploying the analytics based regulatory risk solution in the Bank.
First Bank selected the full risk management suite from the company, a suite currently used by a large number of the world’s top range banks for their own risk efforts.
"By adopting a full risk management suite from SAS we are reinforcing transparency in our business and eliminating compliance and regulatory risks", said First Bank’s Group Managing Director/Chief Executive Officer, Mr. Bisi Onasanya. "It is important for us to lead the African continent in terms of complying with global standards, and being seen as a bank that takes its business seriously."
The SAS software adopted by First Bank includes: Banking Intelligence Architecture, Credit Risk Management Solution, Enterprise Operational Risk Management, and Market Risk.
This comprehensive software suite will effectively manage Basel II, SOX and a number of international regulatory standards for reporting, as well as day-to-day operational risks and is fully aligned with international benchmarks.
The adoption of analytics within the bank will position it favourably within the global financial services market and also gives it a better view of potential risks to the Bank’s business.
According to the Managing Director of Resourcery Plc Nigeria, Tani Fafunwa, the implementation of the project has gone off without a hitch, saying that the depth of his company’s relationship and joint understanding of each others’ business would enable them deliver the project successfully and on time.
It would be recalled that First Bank is one of the few Nigerian banks that have adopted the International Financial Reporting Standards (IFRS) as certified by the International Accounting Standards Board. By adopting SAS risk software, First Bank has again leadership in transparent risk reporting/management in the country’s financial services industry.