RAKBANK Bolsters GRC with Paramount and Archer Partnership

RAKBANK has entered into a new collaboration with Paramount and Archer to introduce an advanced Governance, Risk, and Compliance (GRC) solution. This partnership is set to enhance the bank's approach to managing risk and compliance, aligning with RAKBANK’s commitment to achieving operational resilience and maintaining high standards of excellence.

Introduction of Integrated Risk Management Solution

Through this partnership, RAKBANK will implement a comprehensive Integrated Risk Management (IRM) solution tailored specifically to the financial industry. The solution will centralize and optimize the bank's various risk management functions, including operational risk, IT risk, third-party risk, compliance management, and business continuity. By consolidating these elements into one unified system, RAKBANK will improve its overall risk management processes.

Real-Time Insights and Enhanced Decision-Making

The new GRC solution will provide RAKBANK's leadership team with real-time insights via a centralized dashboard. This technology-driven approach will allow for more informed decision-making and will promote a proactive, agile strategy in managing governance, risk, and compliance across the organization.

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, personalized solutions that meet the evolving needs of our customers.”

Premchand Kurup, CEO of Paramount, emphasized 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.”