• First finance sector compliance implementation in Middle East region
• Solution will help bank to raise operational standards and limit regulatory risk
• Bank to also implement Hitec Labs’ Datastore32 document management solution
Langley, Berks., UK, (May 11th 2005): Jordan Commercial Bank has become the first financial institution in the Middle East to implement Hitec Labs’ CONFORM™ compliance management solution. The system, designed to limit potential risk by ensuring that all staff are aware of - and understand - regulations applying to their business, has been sold under a contract with Hitec partners in the region Image Technologies (ITEC).
Jordan Commercial Bank has a vision to be "the premier private financial institution and one of the leading banking enterprises in Jordan through the provision of the most advanced, secured, and finest products and services set at global standards." CONFORM™ enables organisations to automatically share and verify rules and regulations affecting their operations, in a way that guarantees that all employees are able to demonstrate that they have not only read but understood them. Easy to implement and to use, CONFORM™ will raise the Bank’s performance standards and simultaneously limit operational risks.
The Bank is also implementing Hitec’s long-established document management solution, Datastore®32, in order to archive banking reports and customer statements with the highest degree of security and peace of mind, providing tamper-proof saved copies identical to the original documents. Already in use in financial institutions the world over, including seven in Jordan itself, Datastore®32 gives Bank employees the ability to search documents and reports more easily and rapidly, significantly improving customer service at branch level.
Commented Dr. Jawad Hadeed, CEO of Jordan Commercial Bank: "By means of this agreement, the Jordan Commercial Bank will provide comprehensive services to its customers and organise them in a way that will better enable the bank to absorb the increasing growth in the sector, with the aim of ensuring best quality financial solutions and limiting operational risks."
Jeremy Crame, CEO of Hitec Labs added: "We are delighted to see CONFORM™ recognised as the optimum solution to compliance and regulatory issues in market leading financial institutions such as Jordan Commercial Bank. Banks have a duty to demonstrate that their staff are constantly up to date with changing regulations, and CONFORM™ is simply the most effective way there is to do that."