RAKBANK has announced a strategic partnership with Paramount and Archer to implement a cutting-edge Governance, Risk, and Compliance (GRC) solution. This collaboration aims to elevate RAKBANK’s risk management and compliance framework, supporting the bank’s vision for operational resilience and excellence.
The partnership will introduce an Integrated Risk Management (IRM) solution, designed specifically for the financial sector, allowing RAKBANK to streamline and centralise its risk functions. These include operational risk, IT risk, third-party risk, compliance management, and business continuity—all integrated into a single platform. The centralised GRC hub will offer RAKBANK’s leadership team real-time insights through a unified dashboard, enhancing decision-making and fostering a proactive approach to governance and compliance.
Farhan Mahmood, Group Chief Risk Officer at RAKBANK, commented: “Our partnership with Archer and Paramount is a key milestone in our ongoing efforts to strengthen governance and risk management through a new GRC system. This solution helps us stay ahead of regulatory changes, enabling us to focus on what truly matters—delivering innovative, personalised solutions that meet the evolving needs of our customers.”
Premchand Kurup, CEO of Paramount, emphasised the significance of this collaboration: “The Middle East is becoming a global growth engine, and leading banks like RAKBANK are playing a key role in driving this momentum. GRC solutions serve as the essential guardrails for growth, ensuring that risks are managed effectively while allowing businesses to remain agile. We are excited to help RAKBANK streamline its processes, enhance efficiency, and focus on what matters most—delivering impact.”
Nitin Rajotia, Vice President – GRC & Data Privacy at Paramount, added: “RAKBANK is known for leveraging technology to drive its operations, and we are thrilled to support their vision by automating GRC processes through Archer. This partnership will strengthen governance and elevate the bank’s ability to provide enhanced customer service, all while maintaining a solid foundation of risk management.”
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