Kuwait Finance House (KFH) has implemented SunGard’s Ambit Risk and Performance Management solution to handle all forms of risk management across the KFH Group.

The solution was selected due to its ability to meet the requirements of Basel II and the Central Bank of Kuwait (CBK), as well as meet new and existing international accounting standards and Islamic banking standards.

The IT sector of KFH (KFH IT) went through a rigorous 18-month due diligence process analyzing different suppliers. In order to fulfill KFH’s risk management needs, KFH IT evaluated various solutions that addressed the different selection criteria on enterprise risk management. The solution had to be able to estimate and follow up different types of risks, and be able to assist decision makers by providing them with various reports to tackle all credit, operational, market and liquidity risks.

“The success we found with Ambit at our subsidiary in Bahrain, combined with SunGard’s strong presence and domain expertise in the Middle East, has led to our commitment with SunGard to bring the solution to our head offices in Kuwait,” stated Dr Waleed Al-Hasawi, assistant general manager of KFH IT at Kuwait Finance House.

“SunGard will help KFH to assess the impact of economic factors on the bank, such as fluctuations in exchange rates, using a comprehensive approach that takes into account a full spectrum of risks and performance criteria. The solution suite also offers the bank a full management reporting and decision support platform,” added Andi Hug, group vice president for SunGard’s Ambit Risk and Performance business unit.-TradeArabia News Service