National Bank of Pakistan (NBP) has partnered AF Ferguson & Co (PWC), the leading firm in providing Basel-II advisory services, in its pursuit to strengthen risk management in NBP. The relationship is a landmark as the largest bank in Pakistan has joined hand with the largest Basel-II service provider in the country in its initiative that aims to provide leadership in the industry in terms of sophisticated Basel-II complaint risk management system.
NBP, being the market leader, has also decided to remain competitive by launching a comprehensive Basel-II Program. With the bank's core Banking Application program underway and the implementation of risk management applications to commence under the bank's Basel-II programme, management is fully aware that sustainable growth of the bank can only be an outcome of the business that bank does and the way bank will operate in a robust risk management and internal control environment and hence NBP will always look forward and the management is committed to all such challenges targeted to adopting best practices.
NBP is hopeful that with the help of AF Ferguson & Co (PWC), it will be the leading bank in the country in terms of sophisticated and efficient risk management practices. The bank has gone through rigorous exercise in selecting the most suitable consultant for the project. NBP appreciated the support extent to them by SBP and our colleagues from peer banks.
The launching ceremony of the project was presided over by Syed Ali Raza, President NBP and attended by the Chief Operating Officer and Group chief Dr Mirza Abrar Baig, Agha Fida ullah and Tariq Jamali, Ekhlaq Ahmed along with key senior executives representing different groups and divisions.
Tahira Raza Divisional Head, Risk Management Division appraised the gathering, the challenges involved in selecting a consulting firm, preparation and floatation of REP and thereafter evaluating the bids in compliance with Public Procurement Regulatory Authority rules. She said that success in meeting its goals are attributed to the dynamic leadership of Qamar Hussain Chief Operating Officer and encouragement of president NBP.
She further said that commitment and hard work of her team and overwhelming support of ensured in ensuring that merit prevails supreme, is unprecedented. Sohail Hussain, Territory Senior Partner of AF Ferguson in his address assured that they will deploy the best resource available to assist NBP who have implemented similar projects in other major financial institution of the country.
He further said that the success of project mainly depends on the fulfilment of responsibilities by both parties. President National Bank of Pakistan, Syed Ali Raza emphasised that NBP is not perusing Basel II implementation and Risk Management merely as compliance exercise but it is doing so in pursuit of its commitment to achieve excellence. He advised that these guidelines and practices are adopted with commitment to improve the quality of its assets.-PR