DIB complements risk management

Dubai Islamic Bank (DIB) has deployed a solution from financial software vendor Check Free that confirms the validity of day-to-day transactions.

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By  Administrator Published  April 12, 2007

Dubai Islamic Bank (DIB) has deployed a solution from financial software vendor Check Free that confirms the validity of day-to-day transactions.

Regional systems integrator and outsourcer EastNets implemented the reconciliation solution, part of the vendor's range of products gained through its acquisition of Accurate Software in 2005.

The deployment, announced last week, is designed to provide a platform to improve a financial organisation's reconciliation process by scrutinising the accuracy of information and automating operational flows across the transaction lifecycle.

The inclusion of settlement controls such as reconciliation into DIB's risk management structure is predicted to generate considerable dividends, such as improved straight through processing (STP) rates, reduced exposure to risks and minimised internal losses by preventing potential liabilities from becoming actual.

The software is also expected to contribute to faster identification of information exceptions, helping to identify errors, standardise data, improve clearance rates and reduce processing times.

"Risk management policies within an organisation can only be as good as the data on which they are based and with the spotlight on operational risk and business efficiency, firms are taking a hard look at their processes, particularly reconciliation," said Hazem Mulhim, chief executive of EastNets.

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