The Saudi Investment Bank (SAIB), a leading commercial bank in the kingdom, will use risk management software from Wynyard Group, a market leader in crime fighting software, to comply with regulatory environment.

Hassan Khalaf Al-Faori, head of Compliance said: "With the bank having grown and diversified over the years, the compliance team needs a more efficient way to manage the Sama Regulatory Compliance Requirements and associated risk assessment."

"We required a robust regulatory compliance framework that will simplify our complex regulatory, governance, risk and compliance program, deliver efficiencies and increase productivity.

"We are confident that Wynyard Risk Management will help SAIB effectively, automate the regulatory compliance requirements, manage risk and monitor compliance. We expect it will also give us the most appropriate framework to enable risk-aware decisions to be incorporated into business strategy.

"We expect the framework and compliance content that Wynyard has already developed in its system would give us a fast start and the most effective controls. We're pleased to be working with the Wynyard compliance solution which will also help create a professional discipline for compliance management within the business culture,” he added.

Wynyard Risk Management is a comprehensive, personalised, highly configurable software platform providing compliance, risk management framework to integrate corporate governance and regulatory compliance management with business and strategic objectives.

Wynyard Group CEO, Craig Richardson, said the Saudi Investment Bank's decision to entrust Wynyard to deliver its Regulatory Compliance solution is testament to Wynyard's ability to effectively address the challenges organisations face in managing their compliance, governance, and operational risk obligations.

"Wynyard has a strong track record of working in successful partnerships with its Middle East clients to deliver robust solutions that help them address the business challenges they face,” he said.

All local banks in Saudi Arabia must comply with the market regulations laid down by the local regulator Sama (Saudi Arabian Monetary Agency) which is the Central Bank of the Kingdom, a statement said. – TradeArabia News Service