Business Control Solutions (BCS), provider of management consultancy services and financial control software to the financial services sector, today announced that Rasmala Investment Bank (Rasmala) has selected BCS Integrity to drive internal financial governance enhancements.
The Middle East regional investment banking group will use the solution for its balance sheet substantiation and financial close process. Once implemented at Rasmala's Dubai headquarters, the bank can expect to benefit from process and control improvements, specified ownership of accounts, and significantly improved oversight through real-time management information.
Rasmala identified that in today's challenging financial climate more centralised oversight of its finance operations was required. With a commitment to improving its financial governance capabilities, Rasmala sought a robust, enterprise-wide control solution to support this. BCS was chosen due to its credentials in the banking sector and the proven capabilities of the BCS Integrity platform.
David Woods, chief operating officer at Rasmala, said: "Rasmala is committed to taking a leadership position not only in its chosen markets but in the way it governs and controls its business. BCS Integrity provides us with the technology platform to drive significant improvements in the efficiency and effectiveness of our balance sheet controls process."
The implementation of BCS Integrity is expected to take two months. On completion, users will benefit from a standardised process of account certification; clarity of account ownership; more in-depth reporting; and more efficient and effective process management. Additionally, BCS Integrity's Executive Dashboard will provide trend analysis, regional comparisons, potential P&L impact, and real-time status monitoring to further improve internal controls and proactive risk management.
Adrian Somerville, sales director at BCS, commented: "We are delighted to have been selected by Rasmala, which is a clear leader in the Middle East financial sector. This contract win underlines our commitment to delivering quality solutions to the banking sector as well as our ability to deliver them on a global basis."
BCS Integrity provides a consistent financial governance framework over the entire account substantiation process. The account ownership functionality eliminates ambiguity and ensures that a named owner is allocated to every step in the sign-off process. It incorporates a controlled workflow for users, managers and financial directors to highlight concerns; make decisions based on timely information; and generate real-time balance, trend and risk reporting.