Breaking News
Translate

FirstBank acquires SAS risk management solution software

By Bbajide Komolafe
First Bank of Nigeria   (FirstBank) has  acquired a risk management solution from SAS,  a global   analytics software and services company and  largest independent vendor in business intelligence market.

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.

FirstBank selected the full risk management suite from the company, a suite currently used by a large number of the world’s 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”, says FirstBank’s Group Managing Director/Chief Executive Officer, Mr. Bisi Onasanya, adding that “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   FirstBank 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 FirstBank 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, FirstBank has again leadership in transparent risk reporting/management in the country’s financial services industry.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.