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February 21, 2010

Rasmala Investment Bank To Deploy BCS Integrity

Rasmala Investment Bank (Rasmala), a UAE-based banking group, has selected 'BCS Integrity' from Business Control Solutions (BCS), a provider of management consultancy services and financial control software, to drive its internal financial governance enhancements.

By CBR Staff Writer

BCS Integrity provides financial governance framework over the entire account substantiation process. The account ownership functionality eliminates ambiguity and ensures that a named owner is allocated to every step in the sign-off process.

The solution also incorporates a controlled workflow for users, managers and financial directors to highlight concerns; make decisions based on timely information; and generate real-time balance, trend and risk reporting.

The investment banking group will use the solution for its balance sheet substantiation and financial close process. Once implemented at Rasmala’s Dubai headquarters, the bank can expect to benefit from process and control improvements, specified ownership of accounts, and significantly improved oversight through real-time management information.

The implementation of BCS Integrity is expected to take two months. On completion, users will benefit from a standardised process of account certification; clarity of account ownership; more in-depth reporting; and more efficient and effective process management.

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Additionally, BCS Integrity’s executive dashboard will provide trend analysis, regional comparisons, potential P&L impact, and real-time status monitoring to further improve internal controls and proactive risk management.

David Woods, chief operating officer at Rasmala, said: “BCS Integrity provides us with the technology platform to drive significant improvements in the efficiency and effectiveness of our balance sheet controls process.”

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