RAKBANK has announced a strategic partnership with Paramount and Archer to implement an advanced Governance, Risk, and Compliance (GRC) solution, aimed at strengthening the bank’s risk management and compliance framework. This collaboration aligns with RAKBANK’s commitment to operational resilience and excellence, enhancing its ability to manage risks effectively while staying ahead of regulatory changes.
The partnership will introduce an Integrated Risk Management (IRM) solution, tailored specifically for the financial sector. This solution will centralize various risk functions, including operational risk, IT risk, third-party risk, compliance management, and business continuity, all within a single, unified platform. The new centralized GRC hub will provide RAKBANK’s leadership team with real-time insights through a comprehensive dashboard, empowering informed decision-making and fostering a proactive approach to governance and compliance.
Farhan Mahmood, Group Chief Risk Officer at RAKBANK, commented on the strategic importance of the partnership, saying, “Our collaboration with Archer and Paramount marks a significant milestone in our continuous efforts to improve governance and risk management. The new GRC system will help us stay ahead of regulatory changes and focus on delivering innovative, personalized solutions to meet the evolving needs of our customers.”
Premchand Kurup, CEO of Paramount, highlighted the growing importance of GRC solutions in the Middle East, stating, “The region is becoming a key global growth engine, and leading banks like RAKBANK are playing a pivotal role in driving this momentum. GRC solutions are essential for managing risks while ensuring business agility. We are excited to help RAKBANK streamline its processes and enhance efficiency, ultimately enabling the bank to focus on delivering impactful results.”
Nitin Rajotia, Vice President – GRC & Data Privacy at Paramount, added, “RAKBANK is well-known for its technology-driven approach, and we are excited to support their vision by automating GRC processes through Archer. This partnership will enhance governance, strengthen the bank’s ability to provide superior customer service, and ensure a solid foundation of risk management.”
This collaboration marks a significant step in RAKBANK’s ongoing efforts to innovate its risk management strategies, positioning the bank for future growth in the dynamic financial landscape.
