Bank of China (Pakistan) selects RiskNucleus® Compliance Management Solution of BenchMatrix for Regulatory Monitoring & Risk Assessment
Bank of China (Pakistan) has selected BenchMatrix Private Limited for implementation of RiskNucleus® Compliance Management Solution (Regulatory Monitoring & Risk Assessment Modules). The implementation of this comprehensive solution will bring ease in meeting the SBP’s regulatory requirements (BPRD Circular Letter No. 7 of 2017) as the Regulatory Monitoring Module is used to record regulations, requirements and actionable tasks for compliance – which will aid in quick decision making through a smart and centralized view of current and past circulars enabling the stakeholders to preemptively recognize and react to early cautionary signs of non-compliance. While the Risk Assessment Module will help in identifying the key risks associated with these regulations and determine its controls that are appropriate for the bank along with their assessments
Bank of China, Pakistan, is one of the most internationalized and rapidly growing foreign banks in Pakistan, it is committed to effectively manage and overcome risks that growth and digitization brings. The solution will assist the Bank in capturing the critical compliance risks in order to perform independent risk assessments and analyze the performance of compliance functions of the bank.
Furthermore, through digitization of data and advanced reporting and analytics, the bank will also be able to provide actionable, real-time risk and compliance intelligence across the firm, which will enable them to strengthen business performance based on a firm source of regulatory awareness.