Gulf Bank successfully completes the implementation of enterprise risk management system with SunGard

Gulf Bank announced today the successful installation of its new Enterprise Risk Management System from SunGard, one of the world’s leading software and technology services companies. This state-of-the-art system was completed on schedule in December 2011. Consultants from Sungard and AFS, their Bahrain-based Middle East distributor, worked closely with the Bank on this project. 

Gulf Bank’s use of SunGard’s system will be for five separate risk management streams, namely, Capital Computation under Basel II for credit, market and operational risks, Asset Liability Management (ALM) & Funds Transfer Pricing (FTP), Market Risk Management, which covers the banking and trading books, and Operational Risk Management.

Mr. Saleem Sheikh, Chief Risk Officer and General Manager of Risk Management at Gulf Bank said: “We are delighted to be the first Bank to implement the full suite of SunGard’s Enterprise Risk Management system, and even more delighted that we have done so on schedule. It has proved to be a challenging task but through the dedication, commitment and hard work of several individuals in the project team we were able to complete it on time. I would like to extend my thanks and gratitude to all those responsible for this success as it is an important milestone for us as at Gulf Bank and it raises the bar in Risk Management standards in Kuwait.

Upon a more critical review Mr. Andreas Hug, General Manager Ambit Risk & Performance at SunGard stated: “We are pleased at the timeliness and success of the implementation of our system with Gulf Bank. Our Enterprise Risk Management solutions will enhance the Bank’s overall performance through the efficient systems now in place and will assist the Bank’s teams in making more accurate decisions while reducing risk, all in a transparent manner.”

Commenting further, he stated that the implementation at Gulf Bank was one of the fastest and the best that their team had seen in the region.

The usage of this new system by Gulf Bank, the first bank in Kuwait to have the full suite of SunGard’s solutions, will help provide a more centralized view of risk and liquidity across many of the Bank’s key functions. The multiple functions this system provides will in turn help Gulf Bank to make more informed decisions and thus maximize returns over both short-term and long-term fiscal horizons.

Overall, every aspect of this system is designed to assist Gulf Bank continue to deliver superior banking solutions and services, which are being constantly tailored to cater to the needs of its wide customer base. It reflects the success of the Bank’s disciplined business strategy across all its key business groups instilling a greater chance for future growth and prosperity throughout the consumer, corporate, international and investment banking sectors.