Kiatnakin Bank selects BWise for Operational Risk Management

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Kiatnakin Bank selects BWise for Operational Risk Management

Postby prnews on Sun Oct 07, 2012 4:29 pm

‘s-Hertogenbosch, Netherlands andThailand, Bangkok, May 29, 2012 – BWise, the global leader in Governance, Risk and Compliance (GRC) management software, announced today that Kiatnakin Bank, headquartered in Bangkok, selected BWise Governance, Risk Management and Compliance software platform to address its operational risk requirements. In order to deliver local, high quality implementation services, BWise coordinates the software implementation together with its regional partner Yip In Tsoi & Co., Ltd, I.T. Consultancy in Thailand.

Kiatnakin (formerly known as Kiatnakin Finance and Securities Company Limited) was found in 1971. Later on in 2005, Kiatnakin began to officially operate as a commercial bank under the name “Kiatnakin Bank Public Company Limited”. Total assets are Baht 223,865 million. Currently the Bank has 80 branches countrywide (including Headquarter in Bangkok). In order to offer the risk department a comprehensive solution to efficiently track, measure and manage its key operational risks, Kiatnakin investigated the full landscape of available solutions. After a thorough analysis, BWise GRC platform, in combination with the implementation services of both BWise and its local partner Yip In Tsoi emerged as the best solution for Kiatnakin Bank.
Mr.Wanakan Kanjanasoon VP at Kiatnakin says: “At Kiatnakin Bank we wanted to improve the tools in use by the Risk function in the bank and wanted to support the business units by offering easy to use software tools for their registration, reporting and follow up actions on operational losses, risk assessments, control testing, KRI reporting and alerting and risk scenario distribution. Both the rich functionality and reporting capabilities of BWise complied with our requirements. The best practice implementation approach of BWise and Yip In Tsoi may help us gain more confidence in successful deployment of the solution.”

Mr. Supak Lailert Senior Executive Vice President Professional Services Yip In Tsoi says: “We are proud to have been rewarded the contract of Kiatnakin Bank. Currently we see a lot of interest from banks in Thailand to improve their risk control and reporting capabilities to regulators. Utilizing our strategic partnership with BWise, we now can offer customers in Thailand sophisticated, risk management software, recognized by independent analysts. The Yip In Tsoi GRC competence center has been fully trained to implement and service BWise’s Governance, Risk management and Compliance platform in the region. We expect more projects to follow.”
Rob van Straten, Senior Vice President of Sales EMEA and APAC at BWise says: “Kiatnakin Bank is an important customer for BWise and our strategic partner Yip In Tsoi. We appreciate the bank’s professional view on operational risk management and are excited to present their project as a cornerstone reference to the Thailand banking sector. We have been at their offices quite a few times to ensure the project success and to further educate our partner Yip In Tsoi in deploying professional GRC services. We are keen on developing our presence in the financial and industrial sector in Thailand to help public and private companies minimize risk, maximize efficiency and increase transparency with a suite of governance, risk management and compliance solutions.”
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