First Bank of Nigeria (FirstBank) has selected a risk management solution from SAS in order to comply with global compliance trends and regulations, such as Basel II, and to help manage its risk effectively while creating transparency and control within its data. Local partner, Resourcery Nigeria, will assist SAS in deploying the analytics-based regulatory risk solution in the bank.
“By adopting a full risk management suite from SAS we are reinforcing transparency in our business and mitigating compliance and regulatory risks,” said Bisi Onasanya, FirstBank’s group managing director/chief executive officer. “It is important for us to lead the African continent in terms of complying with global standards, and being seen as a bank that takes its business seriously.”
The SAS software adopted by FirstBank includes: SAS Banking Intelligence Architecture, SAS Credit Risk Management for Banking, SAS OpRisk Management, and the SAS market risk solution. This software suite will effectively assist FirstBank to manage Basel II, Sarbanes-Oxley and a number of international regulatory standards for reporting, as well as day-to-day operational risks, while fully aligning with international benchmarks.
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