Sham Bank is the first bank to adopt FRONA program to manage and assess operational risks
Sham Bank and Iceberg signed a memorandum of cooperation on the adoption of the FRONA Program for Operational Risk Assessment and Management 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 enhance 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 Yousif Al Laham, CEO of Sham Bank, said: “Our adoption of FRONA is part of our responsibility to develop policies and plans to manage operational risks and take into account all relevant risks to minimize or reduce future risks and enhance customer confidence. With 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 confidence and constant support of the Syrian youth competencies. Syrian. "
Speaking more about the FRONA program, Mr. Walid Kassoumeh said: “Developing a specialized system according to the best international standards and competing with foreign programs is a qualitative leap in the Syrian software industry, which we hope will encourage entrepreneurs to invest in the Syrian software industry.” He pointed to the aspirations of Iceberg 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 contribute to the support of the national economy and the local product.
Source: Economy Today
