Samba Bank adopts BenchMatrix for management automation

KARACHI: Samba Bank Limited has adopted BenchMatrix to implement an automated regulatory compliance management system, which will further strengthen their compliance controls.

Samba is a majority owned subsidiary of Samba Financial Group of Saudi Arabia.

Samba Bank is focused on building a full-service consumer, corporate, investment banking and capital markets franchise and working to expand their products and services in these areas. Looking ahead, the management was exploring other growth areas including mobile and digital banking, wealth management and transaction services, said press release here on Tuesday.

BenchMatrix's "RiskNucleus" Compliance Risk Management Solution enhanced monitoring of regulatory compliance policy through a complete, automated and up-to-date rule book library mapped to key activities within the organization and enable compliance risk management, observation management, self-assessment, and correspondence.

The solution had been successfully implemented in Faysal Bank, Soneri Bank, Allied Bank, in Pakistan; FIM Bank in Malta, The Bank of Bahrain and Kuwait (BBK) in Bahrain and Burgan Bank in Kuwait and Turkey.

BenchMatrix was a leading advisory services and automated GRC solutions provider with a focus on developing practical and customized approaches to risk management for organizations.