Source: IRIS integrated risk management
Invest Bank, United Arab Emirates, signed up with IRIS integrated risk management AG, Switzerland for a three year Basel II consultancy support to implement the Basel II advanced approaches, following successful implementation of the standardized approach.
This was a strategic move on the part of Invest Bank since the bank is strong in Corporate Finance and enjoys a unique position in the UAE financial sector with consistent results and performance. The bank now moves ahead of most of the other banks in the region in terms of Risk Management Practices and UAE Central Bank compliance.
Sami Farhat, GM, Invest Bank says, "Invest Bank has been a strong player in the region with its commitment to Corporate Governance and UAE Central Bank regulatory Compliance and inviting IRIS was naturally the best choice for us to benefit from the global expertise which IRIS has in the field of Risk Management and Basel II. With this move, Invest Bank will become the leader in Basel II implementation and will surely set new standards for other banks to follow."
"We are proud to be associated with Invest Bank since the Bank has excellent work force and unique work culture and now can benefit from the par-excellence expertise at IRIS" comments, Dr Sunil Kumar, Head of Risk Management, Middle East for IRIS. "The relationship between IRIS and Invest Bank will help not only in complying with the Basel II requirements but also with the improvements of the Risk Standards at the Bank and thus in overall performance," adds Sami.