BearingPoint, Inc. (NYSE:BE), one of the world's largest management and technology consulting firms, today announced it was selected by Industrial Bank Co. of China (IBC) to conduct a diagnostic analysis of the company's enterprise risk management practices and develop a multi-year implementation roadmap. This latest project comes after BearingPoint completed a management accounting and budget planning project for IBC.
Under terms of the engagement, BearingPoint assessed IBC's credit, market and operational risk practices within all parts of the bank, as well as completed a gap analysis and proposed a multi-year implementation roadmap according to leading practices and Basel II regulations. This enterprise-wide risk management framework and blueprint identified the target environment, requirements, working contents, priority and schedule of the implementation.
"We saw value in BearingPoint's integrated approach to risk assessment. They engage in projects with an understanding that risk is not an isolated variable inside the enterprise, that compliance and security strongly factor into how well a company can monitor, manage and forecast risk," said Ronghui Lin, general manager of the Risk Management Department at Industrial Bank Co. "IBC has embarked on this diagnostic and roadmap development work with the expectation that we can shore up our risk management framework to further improve our overall risk posture and maintain strong positioning as we grow at a high pace."
"For financial services companies operating globally, new regulations, market pressures and best practices are all converging to put heavier emphasis on scalable enterprise risk management practices," said Afzal M. Tarar, managing director and leader of the Financial Services Practice for BearingPoint China. "The work BearingPoint has undertaken with IBC helps them become a more agile, risk sensitive enterprise that is better able to detect and eliminate risk before it has a negative business impact. We're building a customized framework that captures all the variables affecting risk and, in this way, gives IBC a sustainable competitive advantage."
On October 30th, BearingPoint launched the Risk, Compliance and Security (RCS) solution suite. The launch represents the company's global, cross-industry approach to the market. The present risk assessment and roadmap development work with IBC underscores BearingPoint's integrated view of risk as well as its deep experience in delivering risk solutions for companies across the globe. In 2006, the company implemented more than 1,900 RCS solutions in more than 30 countries.