Qatar Islamic Bank (QIB) has implemented a state -of-the-art Operational Risk Management system provided by MetricStream, to consolidate operational risk data and convert it into actionable risk intelligence that can support better decision-making and improved business performance.
This initiative is part of QIB’s strategic direction to invest in technology in order to maintain QIB’s leadership in the banking sector and it is in line with Qatar’s vision to technologically advance the country’s financial services sector. The system will capture and analyze operational risk data across multiple business lines, products and processes in an efficient, consistent and integrated manner supporting the Bank to achieve sustainable profitability and strong governance of operational risks.
Considering the increasing operations of the Bank, it is essential for senior managers to assess operational risks when formulating business strategy and making decisions.
The new system will provide QIB with a single, comprehensive view to manage operational risk management requirements. The system supports operational risk identification and assessment, control evaluation and risk reporting. Supported with a flexible data model and extensive workflow capabilities, it will centralize all data and processes related to operational risk management and their corresponding controls and mitigation plans in a reusable library.
“QIB is continuously investing in cutting edge technology as part of the Bank’s ongoing efforts to upgrade its IT infrastructure.."said Rakesh Sanghvi, QIB’s Group Chief Risk Officer”.
