RAKBANK Joins Forces with Paramount and Archer for GRC Upgrade

RAKBANK has entered into a strategic partnership with Paramount and Archer to implement a state-of-the-art Governance, Risk, and Compliance (GRC) solution aimed at elevating the bank’s risk management and compliance framework. This collaboration aligns with RAKBANK’s vision for operational resilience and excellence in the financial sector.

The partnership will introduce an Integrated Risk Management (IRM) solution, specifically designed for the banking industry. The new system will centralize and streamline various risk functions, including operational risk, IT risk, third-party risk, compliance management, and business continuity, all within a single platform. By integrating these critical functions, the centralized GRC hub will offer RAKBANK’s leadership team real-time insights through a unified dashboard, enhancing decision-making and promoting a proactive approach to governance and compliance.

Farhan Mahmood, Group Chief Risk Officer at RAKBANK, shared: “Our partnership with Archer and Paramount is a significant milestone in our ongoing efforts to strengthen governance and risk management through a new GRC system. This solution helps us stay ahead of regulatory changes, enabling us to focus on delivering innovative, personalized solutions that meet the evolving needs of our customers.”

Premchand Kurup, CEO of Paramount, highlighted the importance of the collaboration, stating: “The Middle East is emerging as a global growth engine, with banks like RAKBANK leading the charge. GRC solutions provide the essential guardrails for growth, ensuring effective risk management while allowing businesses to remain agile. We are excited to help RAKBANK streamline its processes, enhance efficiency, and focus on delivering impact.”

Nitin Rajotia, Vice President – GRC & Data Privacy at Paramount, added: “RAKBANK has always been at the forefront of leveraging technology to drive operations. We are thrilled to support their vision by automating GRC processes through Archer. This partnership will not only strengthen governance but also enhance the bank’s ability to provide exceptional customer service, all while maintaining a strong foundation of risk management.”

This strategic partnership marks a key development in RAKBANK’s commitment to innovation and excellence in governance, risk, and compliance.