As the legitimate regulator for the Banking Sector in Jordan, and in means to streamline the operations for Risk Management within the sector based on worldwide Best Practices; the Central Bank of Jordan, and in cooperation with Savvytek, have successfully launched this month the first Oracle Governance, Risk and Compliance Management (GRC) Solution in the Banking Sector in Jordan and the Region.
The implementation came to support and facilitate the CBJ role in establishing the guidelines for deploying Governance, Risk and Compliance (GRC) procedures and assessment measures for the sector, as well as to address GRC within the internal operations of the Bank with a more holistic, structured and proactive approach. The CBJ Risk Management approach was based on the worldwide regulation and risk operational framework – Basel II – a framework that engages in different crucial accords, like; Internal and External Fraud, Damage and Physical Assets, Business Continuity and System Fail over, among others.
Savvytek Solution was designed to answer critical business requirements at the bank like implementing the controls for risk self-assessment, calculate residual risks, identify and classify the assets at risk, risk controls, impact and probability
Savvytek team of senior consultants and subject matter experts has lead the bank throughout the successful implementation of Oracle GRC Solution by properly designing, Arabizing and deploying the product based on an integrated, comprehensive GRC platform across different departments. The project offered a successful and feasible proof of concept for the banking sector in Jordan and the Region.
The project is considered a double success for Savvytek, as it is not only the first implementation of Oracle GRC in the region, but also Savvytek team worked on the Arabization of the product for the primary first time duringthe term of the project; placing Savvytek team as the pioneers in designing,deploying and customizing Oracle’s state-of-art Application.
Oracle delivers a comprehensive GRC platform that works across heterogeneous environments, combining end-to-end support for cross industry and industry-specific processes, best-in-class infrastructure services, and integrated business insight. Oracle GRC solutions enabled the Bank to simplify GRC, reduce cost, and guarantee business continuity.