ADIC granted CIO Award 2008 for Unconventional Innovation in Business Automation

Dr. Akl Noun, Head of IT at ADIC, and with the joint effort of his team, was selected the best CIO (Chief Information Officer) of the year. The award was presented in a ceremony (The CIO 20 Awards and Executive Forum 2008) held in conjunction with Computer News Middle East magazine and Forrester Middle East, recognizing the expertise in utilizing information technology in a creative and innovative way to deliver business values.

The ADIC Technology Group's challenge was to automate front, mid and back-office areas of business through core banking applications, combining various solutions from different vendors, and integrating the functionalities into efficiencies for the business processes.

Receiving the award, Dr. Noun said,

"The CIO 20 Award is an acknowledgment mark of enterprise excellence, highlighting the ADIC Technology Group's strength in not only creating and executing projects only, but doing it in an innovative way. We have pioneered a new technology, setting the bar high in a very competitive market, and ensuring simultaneously an outstanding business return for our organization."

This innovative technology brought front-to-back integration, allowing deals or transactions to flow in from front office system to mid-office application where upon authorization, SWIFT messages are generated for payments and confirmations, and accounting entries are posted to back-office general ledger application.

Achieving an error-free environment, all the financial transactions at ADIC are managed with utmost accuracy in almost real-time environment, allowing dealers to monitor the positions, Operations department to observe payments and confirmations, and Finance department to supervise automatic postings of the Accounting entries.

The systems provided ADIC employees with an effective way to handle different types of transactions, varying from dealing room; namely, foreign exchange - spot, forward and swaps, money markets - acceptances and placements, Forward Rate Agreements (FRAs), Interest Rate Swaps (IRS), futures, options, commodities, corporate banking, securities - bonds, Mortgage Backed Securities (MBS), Asset Backed Securities (ABS), equities proprietary trading and brokerage, local share... It also provides more than 400 different standardized and customized reports for all levels of users.

The automation and implementation of this project have generated business results and helped in achieving business strategy goals & objectives. Also have brought in new workflows from industry best practices identifying the need to further automate and streamline business processes and to adopt technology for organizational changes.