Meezan Bank signs MoU with BenchMatrix for the automation of Compliance & Operational Risk Framework - BenchMatrix

Meezan Bank signs MoU with BenchMatrix for the automation of Compliance & Operational Risk Framework

[Jan 26, 2021] Meezan Bank, Pakistan’s first and largest bank has recently signed an MoU with BenchMatrix for its RiskNucleus®️ Governance Risk & Compliance (GRC) Solution to digitize the Bank’s compliance and ORM structure. The MoU was signed by Mr. Taimur Kaleem (CEO, BenchMatrix Pakistan) and Mr. Ismail (Country Head of Compliance) .

This arrangement will empower Meezan Bank to automate risk and compliance functions, bring efficiency in its processes and minimize risk. In addition, it will also help the Bank meet regulatory requirements by bringing in more transparency through process automation.

Through this comprehensive solution, the Bank aims to boost its auditability and internal governance. RiskNucleus®️ GRC has already been implemented successfully at eleven banks in Pakistan and is known for delivering regulatory compliance by automating correspondence, compliance risk assessment, key risk indicators, control testing, observations, self-assessment, breach and penalties.

Meezan Bank is the first and largest Islamic bank of Pakistan. With a network of over 800 branches in more than 240 cities, it has the largest Islamic banking network in Pakistan.

Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank of the Year 2020 – Large Size Banks’ by CFA Society of Pakistan, ‘Best Bank – 2018’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector and by Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.

VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company Limited), an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.

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