Ghana's Agricultural Development Bank selects Quadrant for Basel II
04 December 2009 | 2620 views | 0
Source: Quadrant Risk Management
Quadrant Risk Management (International) (Quadrant), a specialist governance, risk and compliance (GRC) consulting firm and supplier of Business Intelligence and Risk and Compliance solutions for Financial Services Institutions globally, today announced that Ghana's Agricultural Development Bank (ADB) has chosen Quadrant to support its Basel II adoption initiative.
The engagement involves the deployment of Quadrant's SAB2, Basel II Standardised Approaches software for regulatory capital calculation and reporting, in full compliance with the Bank of Ghana's adoption of the international Basel II "Pillar 1" quantitative capital allocation standards, and advisory services to support ADB's implementation of the more qualitative "Pillar 2" governance and risk management practices.
Under the Ghanaian Central Bank's adoption of the internationally recognised Basel II GRC standards, all Ghanaian banks will have to comply with more stringent new regulations allocating capital in a more risk-sensitive way, and ensure that risk management is recognised by banks' Boards of Directors as strategically crucial to the interests of banks and their stakeholders.
Stephen Kpordzih, ADB's Managing Director said, "Enhanced risk management capability is central to our agenda, both better to serve our customers and shareholders and to comply fully and promptly with the Bank of Ghana's new governance and capital requirements. Quadrant's risk and compliance expertise and regulatory reporting software will facilitate and accelerate the realisation of both of these objectives."
Latif Agyei, Head of Risk at ADB continued by saying, "Quadrant's SAB2 Basel II software will allow us and our regulator to have more granular data and reports around the Bank's risk profile and portfolios. There will be corresponding business benefits, as well as assurance of our compliance with the Bank of Ghana's new, more risk-sensitive capital standards."
Paul Ashton, Director and Head of Consulting at Quadrant said, "We're delighted to be chosen by ADB to support the Bank in its drive fully to implement international best-practice GRC disciplines, especially since this is our first assignment in a country and region strategically important to Quadrant."
Dr Leon van Heerden, Quadrant's Head of the SAB2 product division, said, "Each deployment of our tried-and-tend-tnd-tested SAB2 solution in a new regulatory jurisdiction means we need to ensure that the regulatory reports produced by SAB2 meet all specific local requirements, and we've worked hard here in Ghana to make sure that's the case."