QUADRANT RETAINED BY SOUTH AFRICA’S ABSA GROUP TO ADVISE ON BASEL II, SOX AND IAS 39

London, UK- 3 April 2007

Quadrant Risk Management (International) has advised the ABSA Group in 2006 on a broad range of risk and compliance areas including Basel II, Sarbanes-Oxley (SOX) and IAS 39.

Quadrant announces that South Africa’s ABSA Group chose Quadrant’s Risk Consultancy Division to provide strategic advice and planning in connection with a broad range of risk and compliance related issues. This covered the development of group wide credit policy documents for the ABSA Group including Wholesale and Retail Policies with specific sub-policies relating to individual business lines including Agricultural, Commercial Property, Treasury, Tourism and the Public Sector. Specific analytical modelling development and validation was also provided in connection with the Economic Capital Calculation for Basel II, IAS39 and Sarbanes-Oxley Compliance.

Paul Lockyear, founder of Quadrant and COO says, “We have worked closely with The ABSA Group for several years in the areas of risk and compliance. We were chosen for our detailed risk policy and practical expertise, particularly in the context of the evolving regulatory environment of Basel II, IAS 39 and Sarbanes-Oxley”.

Keiran Foad, Chief Credit Officer – ABSA Bank says “We appreciate the detailed practical knowledge we gain from working with Quadrant. These projects were completed to our satisfaction, on time and on budget”.

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