Kuwait Finance House (KFH), one of the world’s leading Islamic Finance institutions, has implemented SunGard’s Ambit Risk & 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 information technology 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.
In addition, the solution had to be a cutting edge integrated enterprise risk & performance management solution with a vendor fully committed to a long-term relationship with KFH. It was also important that the chosen solution was able to manage the risks across KFH’s operations in different countries, using different IT resources and communication structures in a timely manner.
Dr. Waleed Al-Hasawi, assistant general manager of KFH IT at Kuwait Finance House, commented: “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. SunGard’s Ambit solution has been rapidly implemented to what we view as world-class standards. Ambit’s Basel II management module was implemented within three months, and the operational risk management module in less than two months. This was thanks to the full commitment and support of all the different departments including the senior management within KFH. We feel that Ambit is the best choice to support our continuing business growth.”
Andi Hug, group vice president for SunGard’s Ambit Risk & Performance business unit, commented, “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. Our relationship with Kuwait Finance House illustrates SunGard’s commitment to evolving our support and development capabilities for customers in the Middle East.”
