Investment in risk management solutions give FGB the leading edge

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. "Basel II is built on three pillars which require us to align our capital requirements more closely with the actual risk of economic loss," explains André Sayegh, CEO of FGB. "We would continue to improve management policies and procedures enabling us to exercise sound judgment and motivate prudent management by enhancing the degree of transparency in our public reporting," added Mr. Sayegh.

"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.

"D&B SAME 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," said Mr. Rajesh Mirchandani, CEO of D&B SAME.

"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 maximize its stakeholder value." said Mr. Mirchandani.