This major Middle East bank with a global presence global presence had to grapple with multiple reporting formats and compliance standards. Their GRC processes were mostly manual that were done using legacy tools. Standardized reporting of risk compliance and posture reporting was time-consuming and laborious. Also lacking was a centralized platform that prevented integrated risk reporting and risk visibility into critical risk and compliance gaps.
To deal with the complexities of modern business continuity, operational risk, and compliance reporting needs, the bank also decided to migrate from a legacy risk management tool to a modern Governance, Risk, and compliance. In consultation with Paramount the bank built a uniform and dynamic reporting structure migrating data from its legacy systems to the Archer GRC platform. They also created a common compliance framework on par with international standards.
This improved the bank’s overall risk visibility and streamlined its business continuity, operational risk, and compliance processes. Monitoring risks became easy since risk, compliance issues could be spotted easily. Users could customise dashboards according to their needs and get access to information on a real-time basis
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The customer, the largest commercial bank based in Middle East, offers a comprehensive range of banking products including deposits, loans, corporate services, private banking, and investment services to its customers.
The Bank boasts of an extensive banking network, all over Middle East and international financial hubs such as London, Paris, Geneva, New York, Singapore.
The bank operates in a complex environment characterized by multiple reporting structures, complex compliance requirements, and varying risk assessments across different business units.
The bank was able to enhance its risk assessment processes, streamline compliance efforts, and improve overall risk visibility and reporting capabilities through the collaboration with Paramount and Archer
Instead of using an outdated risk reporting system that took a long time to report, Archer’s solution now provides users a customized dash board to suit the needs of each department
Critical risks, compliance, KPI failures and continuity issues can now be easily spotted and resolved thanks uniform risk reporting
As a leader in cybersecurity and Governance, Risk and Compliance, Archer has been the trusted partner of over 120 organizations across the Middle East.
Leveraging our prominent position as leaders in the Gartner Magic Quadrant 2022, we harness the capabilities of the Top 10 GRC Software and Tools and combine the practical insights of over 24 on-site GRC specialists to reshape the landscape of integrated risk management.
Our unique combination of functional, technical and implementation expertise equips us with the insight to proactively address usual challenges encountered during GRC implementations.
With a team of more than 24 on-site GRC specialists, Paramount has partnered with over 35 companies in executing projects that resulted in significant time and cost savings.
Whether you are a banking and finance institution, a government agency, or a large conglomerate, Paramount is well-prepared to support you in fulfilling your Governance, Risk and Compliance objectives.
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