The Jordan Commercial Bank has started implementing the most up to date Corporate Governance & Compliance Management solutions to reduce the risk of regulatory exposure “DataStore 32 CONFORM” by means of contract with Image Technologies (ITEC). The implementation is the first of its kind in Jordan and the Middle East. In addition, the Bank is implementing the archiving solution “Datastore32 COLD”.
The first of its kind in Jordan and the region, “DataStore32 CONFORM” performs the task of automatically verifying and transmitting rules and regulations that the bank operates under in a way that guarantees that all bank employees, in their different departments, are aware of these rules and regulations and understand their content. The implementation of “CONFORM” will therefore raise the bank apparatus’ standard of performance and limit operational risks.
The second system that the Jordan Commercial Bank will implement, the “Datastore32 COLD”, will electronically archive bank reports and customer account statements in a way that will provide the highest degrees of security, providing saved copies that are identical to those that are issued by the central computers and in electronic format that prevents it from getting damaged or lost. The “COLD” system will also provide bank employees with the ability to search through reports at great ease as well as obtain account statements and print them immediately in the different branches, hence providing a better level of services to its customers.
Dr. Jawad Hadeed, Chief Executive Officer of the Jordan Commercial Bank, following the signing of the agreement with ITEC, announced saying: “By means of this agreement, the Jordan Commercial Bank will provide comprehensive services to its customers and organize them in a way that will better enable the bank to absorb the increasing growth in the sector with the aim of providing and ensuring best quality financial solutions and limiting operational risks”.
For his part, Mr. Jihad Al-Jaljouli, General Manager of ITEC, explained that the implementation of “CONFORM” is first of its kind in Jordan and the region and is clear indication of the Jordan Commercial Bank’s desire to adopt “institutionalism” in its financial operations and in accordance with international standards and measures. As for the implementation of the “COLD” system, the Jordan Commercial Bank will reap effective gains from this system that currently services 7 other Jordanian banks.
