Suez Canal Bank has contracted with the Advanced Financial Solutions (AFS) to supply and operate an automated risk management system that utilizes the latest technological solutions in the field of comprehensive banking risk management.
The contract was signed by Hussein Rifai, Chairperson and Managing Director of the Bank, Ahmed Radwan, Head of Comprehensive Risk Sector, and Juan Antonio, Managing Director of the AFS.
The project is decided to start immediately. Its implementation will take place on two phases, the first will end by April 2022, and the second by the end of December 2022.
The company is an agent for major international companies specialized in the field of risk systems and solutions. It was selected in a public tender in light of the analytical study carried out by the bank, which explained the company’s experience and previous work in the Egyptian banking sector and the Gulf region.
This comes in light of the bank’s senior management’s keenness on developing the risk sector and equipping it with highly-trained cadres, in accordance with the best international practices and the guidelines of the Basel Committee, as well as the directives of the Central Bank of Egypt (CBE) in this regard. An effective risk management will enable the Bank to expand and effectively make use of its resources. This will eventually be seen in the enhanced quality of the credit portfolio of the bank, and will help protect its assets and achieve its goals.
Under this contract, the bank guarantees the ease of managing, tracking and controlling risks, in terms of the ability to monitor and quantitatively measure the level of these risks and the extent of their impact. The contract will also allow the bank to take the necessary proactive measures to deal with the risks and their consequences, as well as maintain the highest standards in the process.
These systems are a major supporter in reaching regulatory requirements and international standards, and achieving sustainable financing goals, which aims to develop the bank’s systems, and create a strong infrastructure for risk management to provide accurate and instant information.
This project is part of a comprehensive vision to develop all sectors of the Bank, in line with best practices and international standards.