By Bbajide Komolafe
First Bank of NigeriaÂ Â (FirstBank) hasÂ acquired a risk management solution from SAS,Â a globalÂ Â analytics software and services company andÂ 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.Â SAS, worldâ€™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 worldâ€™s banks for their own risk effortsÂ Â Â â€œBy adopting a full risk management suite from SAS we are reinforcing transparency in our business and eliminating compliance and regulatory risksâ€, says FirstBankâ€™s Group Managing Director/Chief Executive Officer, Mr. Bisi Onasanya, adding that â€œit 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.â€
The SAS softwareÂ Â Â adopted byÂ Â 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 Bankâ€™s business.Â Â 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 companyâ€™s relationship and joint understanding of each othersâ€™ 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 countryâ€™s financial services industry.