Addax Bank has appointed Almoayed Group for the deployment of operational risk management solution at its head office in Bahrain.

The solution is designed and developed by Rocsys, a software company located in Hyderabad, India,

Under this agreement Almoayed Group will facilitate the implementation of operational risk product – “RiMo”, which was developed by Rocsys as a comprehensive offering to address operational risk management needs of Banks; in compliance with BASEL II guidelines, according to an official spokesman.

Previously, RiMo has been successfully deployed in one of the most prestigious banks in Bahrain.

The solution will enable Addax Bank to perform operational risk monitoring in a methodical way. By identifying the key risk events, Addax Bank will have a comprehensive view to mitigate the risks factors present in any Investment Banking operations.

The system has a built-in knowledge base with intuitive and interactive interface which will facilitate automatic extraction of data needed for computing Key risk indicators (KRI) from various sources within the bank.

The system has built-in statistical tools for analysing the level of risk, direction of movement of risk and assessing capital as per advanced measurement approach (AMA).

“At the heart of our business approach is a fundamental belief in long-term relationships where both parties prosper. Addax Bank is one of our prestigious customers in Bahrain and I am glad that the bank has further entrusted their faith and support in our products  and services,” said executive director of Almoayed Group Ahmed Almoayed. – TradeArabia News Service