Sham Bank is the first bank to adopt FRONA program for managing and evaluating operational risks in cooperation with (Iceberg) Syria
Sham Bank and Iceberg signed a memorandum of cooperation on the adoption of the FRONA Operational Risk Assessment and Management Program on Monday, 23/09/2019, at the Bank's General Administration building in central Damascus.
The move comes as part of Sham Bank's plan to promote the concept of risk management and to provide the latest supportive programs and the best global methods that help strengthen the regulatory environment in the bank to meet the requirements of governance and regulatory authorities in line with the latest decisions of the Basel Committee on Banking Supervision.
Ahmed Yousuf Al Lahham, Chief Executive Officer of Sham Bank, said: “Our adoption of the #FRONA program is part of our responsibility to develop operational policies and plans to manage operational risks and take into account all relevant risks to minimize or reduce future risks and enhance the confidence of our customers. Sham Bank. " Mr. Al-Lahham also expressed his pride that Sham Bank is the first bank to adopt the locally developed Operational Risk Management and Assessment Program (FRONA) with young Syrian competencies, stressing that this is part of the Bank's development role in encouraging national startups and investing in national capabilities.
Mr. Walid Kassouma, General Manager of Iceberg, said: “First of all, we thank Sham Bank for their trust and constant support of the Syrian youth competencies. Syrian economy. "
Speaking more about the FRONA program, Mr. Walid Kassoumeh said: "The development of a specialized system according to the best international standards and a competitor to foreign programs is a qualitative leap in the world of Syrian software industry, which we hope will encourage entrepreneurs to invest in # Syrian software industry." He pointed to the aspirations of Iceberg Company to establish strategic partnerships with the insurance and communications sector in the field of # Operational Risk Management and marketing the program in the Arab world to support the national economy and local product.
Source: Sham Bank
