Bank ABC joins ORX as membership continues to grow during pandemic
- 24 June 2020
We’re delighted to announce that Bank ABC, headquartered in the Kingdom of Bahrain, has joined ORX. This innovative bank is our first member from the Middle East, and we hope they will be the start of a developing ORX community in that region.
Bank ABC was founded in 1980 and has a network that spreads across the Middle East, North Africa, Europe, the Americas and Asia. Bank ABC provides innovative Wholesale Banking across Transaction Banking (Trade Finance and Cash Management), Project and Structured finance, Syndications, Treasury and Financial Markets products and Islamic Banking to Corporates, Financial institutions, Sovereigns and Quasi-sovereign entities. Bank ABC also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia, Algeria, Brazil and in Bahrain through its newly launched digital mobile-only bank “ila”.
Bank ABC is an innovative, forward-thinking bank that recently launched ‘Fatema’, a “fully autonomous, AI-driven Digital Human” to enhance their customer experience. You can find out more about Bank ABC on their website: https://www.bank-abc.com/En/Pages/default.aspx
Roland Kennett, Membership Director at ORX, welcomed Bank ABC to ORX and was especially pleased to see continued growth in the ORX membership at this time, believing that it demonstrates both the strength of the ORX Membership and the importance of operational risk management during the coronavirus pandemic:
“I am very pleased to have Bank ABC join the ORX community, especially in these challenging times. I think this is the clearest demonstration of the value that our loss data, research and peer-to-peer collaboration brings to operational risk professionals."
“Coronavirus has presented a unique challenge to operational risk teams at all financial firms. Operational risk has taken a key role in adapting to our new circumstances and ORX has been a key source of support for our members throughout this pandemic."
“We’ve provided opportunities for them to come together and discuss challenges and strategies for managing the situation, conducted surveys and research on the impact of Covid-19 and pivoted our work to focus on creating resources to help our membership. That we have gained a new member during this time is a testament to the value of ORX Membership."
“I’m looking forward to Bank ABC becoming active participants of ORX and I hope that they will be the first of many ORX members in the Middle East.”
Rohit Kumar, Group Head of Risk Management at Bank ABC said:
“As technological innovation continues to disrupt traditional banking processes and operating models, operational risk management will need to adapt as well.”
“As all banks are dealing with the COVID-19 pandemic, it is very important that we are ahead of the curve in our region and aligned to the global banks in managing our operational risks. Being accepted to this highly coveted association of leading global banks should help us take our operational risk practice to new levels, thereby reinforcing our efficient, robust and resilient risk management framework.”
As members of ORX, Bank ABC will be able to access the global operational risk loss database, as well take part in research projects and connect with a global network of operational risk professionals.
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