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CIB deploys SAS enterprise risk and anti-money laundering platforms

CIB deploys SAS enterprise risk and anti-money laundering platforms

Banking & FinanceEnterprise SecurityTop Stories

A leading Egyptian bank has implemented enterprise risk and anti-money laundering platforms from SAS to streamline risk management processes and adhere to both local regulations and global standards regarding advanced analytical monitoring and reporting.

Commercial International Bank – Egypt (CIB), one of the largest private sector banks in Egypt, has collaborated with SAS, a leader in analytics, to deploy the latest technologies in enterprise risk management (ERM) and anti money laundering (AML).

CIB’s strategic partnership with SAS emphasises the bank’s commitment to streamline its risk management processes and adhere to local regulations and global standards with regards to advanced analytical monitoring, reporting and an adequate control framework.

With this achievement, CIB continues to be a pioneer of innovative technology and Digital Transformation and holds true to its mission of paving the future landscape for banking in Egypt and the region.

Talha Karim, Head of Risk Management, Risk Group at CIB, said: “The implementation of the SAS Engine for credit, market and operational risk is aligned with CIB’s strategic ERM initiative with the objective of a holistic and forward-looking approach to risk management, coupled with a robust risk appetite and risk culture framework.”

Alaa Youssef, Managing Director, Middle East at SAS, said: “The overall goal was to help CIB to effectively determine and manage the overall level of risk and compliance challenges.

“Having a thorough understanding of CIB’s business environment, and strategic roadmap, SAS is pleased to have enabled the bank to empower their processes with timely data-driven decisions while strengthening the needed capabilities with its Enterprise Risk Management (ERM) and AML platforms to provide the best value to all its stakeholders.”

The deployed ERM solution ensures that the bank is leveraging the leading global techniques and standards in tracking its various risk types, including operational risk, market risk, as well as credit risk, while providing all the needed business intelligence and simulation mechanisms to empower timely and data insight driven decisions.

The renowned SAS AML solution further strengthens CIB’s capabilities for proper identification of unusual transactions and activities and effectively manages its compliance risks with effective, sustainable processes and controls in order to safeguard the bank’s reputation as well as meet regulatory requirements leveraging advanced analytical algorithms and Machine Learning techniques.

Emphasising the strong capabilities offered by these solutions, Abla Khairy, Chief Compliance Officer at CIB, said: “With the deployment of this solution, we believe that the implementation of the SAS AML Engine will guarantee proper management of compliance and apply a risk-based approach which will assist to safeguard the bank’s reputation and avoid any adverse actions of non-compliance.”

Abed Hamandi, Regional Director of Professional Services for Middle East and Africa at SAS, said: “Building on our longstanding relationship with CIB, we have partnered together to ensure the successful implementation of the compliance and enterprise risk platform to support CIB in their overall strategic plans.

“This has come to execution with the collaboration of both teams and the willingness to change and transform to the best practices in terms of operations and technology. Hence, we are extremely glad to have supported the bank in meeting its compliance objectives and the holistic goals of its ERM initiative with our AML and ERM platforms through SAS’s analytical platform and the world class professional services.”

SAS hosted a project completion ceremony to commemorate this implementation in line with CIB’s ERM initiative. Emphasising the uniqueness of this particular initiative, SAS recognised the efforts put forth by both the teams to make this project a success and presented CIB with its excellence and leadership award.

The award was received by Mohamed Sultan, Chief Operating Officer, and Hanan El Borollossy, Deputy Chief Risk Officer.

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