The Bank of Tanzania, the central bank of the United Republic of Tanzania, and MetricStream, a market leader in Governance, Risk, and Compliance (GRC) Apps, have been jointly honoured with the Middle East and Africa Technology Implementation Award for "Best Governance, Risk and Compliance Project in Africa."
The award was presented at the prestigious 2nd Annual Middle East and Africa Awards Dinner organised by strategic intelligence provider, The Asian Banker, on 27 May 2015, at the Ritz Carlton, DIFC, Dubai, UAE. The awards dinner was the culmination of the day-long Middle East and Africa International Banking Convention, a premier event and annual forum for senior bankers in the Middle East and Africa, which focuses on addressing changes in the global and regional retail banking industry.
The Asian Banker Technology Implementation Awards recognise achievements and best practices in the implementation of technology across banking operations. The Bank of Tanzania and MetricStream were recognised for their outstanding work in establishing an integrated and consistent approach to governance, risk management, and regulatory compliance.
"We are delighted to receive the award for Best Governance, Risk, and Compliance Project in Africa," said Dr Modestus Kipilimba, Director of Risk Management at the Bank of Tanzania. "By implementing MetricStream's GRC Platform and Apps, we have been able to better understand our risks, strengthen regulatory compliance, and respond in a timely manner to issues that arise. Today, our GRC programme is more holistic and streamlined, helping us create a culture of accountability and transparency, and supporting better, risk-informed strategic decisions."
MetricStream Apps have enabled the Bank of Tanzania to effectively manage risks by creating a standard risk language that allows real-time visibility into high-risk areas across the business. It equips the organisation with the ability to detect early warning signals, and supports effective management of uncertainties. Audit processes have been automated - from audit planning to implementation, and reporting. In addition, the bank's regulatory compliance program has been enhanced with the ability to quickly identify vulnerabilities, and capture all regulations, guidelines, and standards in one system.
"It is a privilege to be recognised with this distinguished award, and it is a testament to our successful partnership with the Bank of Tanzania," said Gaurav Kapoor, Chief Operating Officer at MetricStream. "MetricStream has built a strong presence across Africa and the Middle East, working closely with multiple large and mid-sized financial services institutions to help them build stronger GRC programs that support superior business performance."
To know more about the event, please click here.
