The National Bank of Malawi will implement Misys’ Regulatory Compliance system to facilitate the Bank’s adherence to Basel II requirements in time for the regulator’s 2014 deadline.
The Bank announced that it has chosen to implement Misys’ Global Risk – Regulatory Compliance system in order to improve liquidity and its cost/income ratio in a string of efforts to better the services provided to clients.
Furthermore, the regulator – the Reserve Bank of Malawi – has stipulated that the National Bank must comply with the Basel II banking standards by the end of 2013 – the newly chosen system intended to make the compliance process and requirements easy to adhere to.
“We are excited to have signed up Misys to partner with us in implementing the Basel II solution and improve our risk management framework as a whole,” said Isaac Kanje, Head of Risk at the National Bank of Malawi.
“As the biggest bank in the country, we want to take a leading role in providing outstanding service, product innovation and ensure that our strategic objectives are achieved in a sustainable manner. We are confident that Misys…will deliver an excellent solution in time for us to be Basel II compliant by 1st January 2014, as required by the Reserve Bank of Malawi,” Kanje added.
Arnaud Picut, product manager at Misys explained the benefit of the Compliance system, saying: “The bank will be able to consolidate its entire liquidity management position across its finance, treasury and corporate governance departments, which is critical for regulatory compliance but also for the bank’s overall performance.”
Misys has recently turned the focus of its attentions to the Sub-Saharan Africa region, in response to client demands; with the company claiming that its clients are calling for better solutions to help them cope with the ever-changing regulatory environments in Africa.
As African economies are increasingly picking up, many businesses are undertaking rapid modernisation processes which Misys hopes to address and facilitate through its solution offerings.
“Misys is strategically focusing on the Sub-Sahara African (SSA) region in response to demands from our customers embarking on modernisation programmes,” disclosed Erin Smith the Managing Director of Misys Africa.
“We have provided many banks with our sophisticated systems to help them in this ever-changing regulatory environment. They rely on us to comply with new regulations with the assurance that they can continue to grow their product portfolio and expand across the region,” she added.
