Even as the implementation of the Basel II norms, an international programme to improve risk management systems and compliance, is picking up momentum across banks in the country and in the wider region, Financial Technologies Middle East (FTME), a leading technology enterprise, has announced the launch of ‘Riskraft’ in the region , a knowledge and consulting initiative from the company for providing Basel II consulting services in the area of financial risk management, quantitative techniques, risk analytics and data warehousing. The company aims to provide these services to the monetary & regulatory authorities, banks, stock exchanges and other financial institutions in the region.
Riskraft, a Financial Technologies Group initiative, is rolled out at an opportune moment, particularly for banks in the region, as the UAE Central Bank has stipulated phased implementation of the Basel II Accord. The banks are expected to comply with Phase 1 of the accord by December 31, 2007. The accord was announced by the Bank of International Settlements (BIS) based in Basel, Switzerland in 2004, and is set to be adopted by G10 countries in 2007/2008. Countries around the world have opted to implement the different elements of Basel II in stages that suit the particular environment in their own markets.
Speaking on the occasion, Arshad Khan, Director, FTME said that Basel II implementation in the UAE would have a very positive effect on the financial system's stability and soundness. “Riskraft services are precisely the best bet in the market to ensure compliance with the accord in a way that not only offers a solid knowledge partnership and consultancy, but also equip risk managers with the ability to comprehensively assess the risk profile of their banks from a fresh perspective. Such an analysis will go a long way in the effective management of risks and in the enhancement of profitability for the share holders’ capital,” he explained.
Elaborating on the wide acceptance of Riskraft across the industry, Khan pointed out that it had recently won an important contract from the Financial Services Commission, Mauritius, to implement a Risk-based Supervision System (RBS) for all its regulated entities.
Financial Technologies Middle East (FTME), a leading technology enterprise set up in 2005, delivers Straight Through Processing (STP) solutions such as Technology Licensing, Development & Business Process Outsourcing and Domain Consulting for financial services industry - exchanges, brokers, banks and financial institutions. FTME is a 100 per cent subsidiary of Financial Technologies (India) Ltd (FTIL), a market leader in solutions and services to the financial services industry. FTIL is listed on the Bombay Stock Exchange and the National Stock Exchange of India. In a joint venture with Dubai Multi Commodities Centre, Financial Technologies has set up Dubai Gold and Commodities Exchange, the Middle East’s first commodities and currencies derivatives exchange.
