• Launches Biz$core Compliance & Risk Management Pack with combined advantage of UAE Central Bank Regulatory Reporting + Risk & Compliance in a single solution
• Ready-to-deploy solution compliant with the Central Bank of the UAE requirements
• Solution built using 'Single Extraction Multiple Implementation (SEMI)' methodology
Banking Decision Sciences leader iCreate has launched an integrated Compliance and Risk Management Pack for banks in the UAE that is compliant with the Central Bank of the UAE requirements. The solution has been built using the SEMI methodology where the granular data extracted from the banks' source systems once, can be subsequently reused for multiple diverse applications by the bank. Biz$core Compliance and Risk Management Pack provides banks with a versatile solution to effectively address their Risk/Compliance Management and Compliance Reporting challenges.
Key highlights of the solution -
• Data extracted only once from source systems
• No duplication of effort for extraction
• Consistent picture across both Data Marts
• Reconciliation not required
• Single point solutions for identifying and resolving Data Quality issues
• Data conversions to standardized coding structure (Value Mapping) done once
Single GL Reconciliation
• GL Reconciliation is required for completeness check across all products
• Adjustments at contract / account level done once and used by both modules
• Bank's CFO and CRO concur on the same base for both Regulatory and Financial Reporting
• The same base can used for stress testing for Capital Adequacy and Financial Performance
• Multiple scenarios can be reviewed consistently for Risk and Financial Control
Mr. Ravi Raman, Chief Solution Evangelist, iCreate said, “The SEMI concept based on which the Biz$core Compliance and Risk Management Pack has been engineered, ensures that the data extracted once can be subsequently used for critical banking requirements across risk, compliance and reporting.”
Mr. Sunny Malhi, Head of iCreate's Banking GRC Solutions Suite added, "The new Biz$core Compliance and Risk Management Pack is designed for banks in the UAE to effectively address the two critical areas of Risk Management and Compliance Reporting with one single solution. This makes it exceptionally attractive for banks looking for an integrated, ready-to-deploy, enterprise-grade banking solution with a competitive TCO."
iCreate has also published a white paper detailing the SEMI concept in leading banking journals.