SAS offers solutions for Jordan Islamic Bank
11 December 2014 Amman
Image: Shutterstock
SAS is collaborating with Jordan Islamic Bank to provide solutions for enterprise governance, risk and compliance, anti money-laundering, and the foreign account tax compliance act (FATCA).
The business analytics software service will help the bank to meet government relations and provide a holistic risk-management framework to support information and intelligence needs. It will simplify processes and helping to ensure consistency and integrity of information.
Shukri Dabaghi, SAS regional director of Middle East and French-speaking Africa, said: “SAS provides comprehensive solutions to Jordan Islamic Bank that support FATCA monitoring and compliance, linking EGRC functions to strengthen governance and foster trust, as well as offering an integrated and open-ended architecture with implementation of AML solutions.”
SAS’s analytical detection and management software intends to reduce false positives, while simplifying the process of analysing data and detecting more risks from large volumes of data.
The partnership aims to maintain the bank’s reputation and protect shareholder confidence.
Musa Shihadeh, vice chairman and general manager of Jordan Islamic Bank, said: “This agreement is an application of our bank’s strategy to develop its banking operations through ensuring a world-class integrated banking system and contributes to improve customer experiences and customer profitability, manage risk and regulatory compliance, anticipate fraud and create value from data.”
Dale Stevens, SAS head of risk for the UK and Ireland added: “Businesses around the world and particularly in the UK are looking to solve similar challenges to Jordan Islamic Bank’s. Real time information on demand is essential to assess risk and compliance.”
“There’s also a difference between achieving compliance and having a genuine, holistic view of risk across the business. This stage brings financial benefits too and we’ve seen businesses release capital of up to £100m in some cases, by making decisions eight hours earlier than before. Too many banks are essentially missing the boat because they’re too busy trying to catch the wind. These solutions help them conduct multiple stress tests, and take a forward-looking analytical approach to risk.”
The business analytics software service will help the bank to meet government relations and provide a holistic risk-management framework to support information and intelligence needs. It will simplify processes and helping to ensure consistency and integrity of information.
Shukri Dabaghi, SAS regional director of Middle East and French-speaking Africa, said: “SAS provides comprehensive solutions to Jordan Islamic Bank that support FATCA monitoring and compliance, linking EGRC functions to strengthen governance and foster trust, as well as offering an integrated and open-ended architecture with implementation of AML solutions.”
SAS’s analytical detection and management software intends to reduce false positives, while simplifying the process of analysing data and detecting more risks from large volumes of data.
The partnership aims to maintain the bank’s reputation and protect shareholder confidence.
Musa Shihadeh, vice chairman and general manager of Jordan Islamic Bank, said: “This agreement is an application of our bank’s strategy to develop its banking operations through ensuring a world-class integrated banking system and contributes to improve customer experiences and customer profitability, manage risk and regulatory compliance, anticipate fraud and create value from data.”
Dale Stevens, SAS head of risk for the UK and Ireland added: “Businesses around the world and particularly in the UK are looking to solve similar challenges to Jordan Islamic Bank’s. Real time information on demand is essential to assess risk and compliance.”
“There’s also a difference between achieving compliance and having a genuine, holistic view of risk across the business. This stage brings financial benefits too and we’ve seen businesses release capital of up to £100m in some cases, by making decisions eight hours earlier than before. Too many banks are essentially missing the boat because they’re too busy trying to catch the wind. These solutions help them conduct multiple stress tests, and take a forward-looking analytical approach to risk.”
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