Commercial International Bank of Egypt (CIB) has been named as the winner for the Achievement in Enterprise Risk Management (ERM) award 2015 during The Asian Banker Risk Management Awards Program for the Middle East & Africa. The program has been administered by The Asian Banker under its prestigious annual Business Achievement Awards program. The awards ceremony was held in conjunction with The Future of Finance Summit 2015, the foremost leading annual meeting for decision makers in the financial services industry in the Middle East & Africa (MEA) region, held at the Park Hyatt, Saadiyat Island, Abu Dhabi on October 6th 2015.
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Strategic ERM initiatives implemented to address a holistic and forward looking approach to Risk Management.
CIB has a formalized ERM Framework to address the various types of Risks using a holistic and forward looking approach, which is endorsed by the Board of Directors. The exceptional Risk Management Framework aligned with the Business Strategy is demonstrated by the outstanding Regulatory and Internal Ratios, such as the well maintained Capital Adequacy Ratio (CAR) that recorded 16.77% and 16.32% in 2014 and 2013 respectively, of which Tier 1 Capital represents around 94% on average. Additionally, CIB continued to strengthen its balance sheet through ensuring that funding sources are mainly driven by the customer deposit base, with no reliance on wholesale funding. CIB's strategic positioning of its balance sheet benefited and positively impacted the bank's Net Interest Margin (NIM) that recorded a healthy 5.41% in 2014. CIB has a strong IMMMR (Identification, Measuring, Managing, Monitoring, & Reporting) Framework for Liquidity, Credit, Market, Operational Risks and other Principal Risks.
Dynamic Risk Culture embedded across the Organization
Educational Risk training was rolled out to almost 20% of the staff members in order to embed a strong Risk Culture. This initiative has enhanced the knowledge transfer to all the lines of defense, especially in the new Risk Frameworks, such as Operational and Conduct Risks. These programs have positively resulted in staff members being aligned with the Risk Framework. Such programs enhance the awareness of staff members and position CIB as a leader in the banking and Risk practices in Egypt and the MEA region. In addition, CIB regularly contributes and shares its new Risk initiatives with the Regulators, as well as participating in key forums in the country and the MEA region.
Comprehensive Business Continuity Framework that is aligned with Global Business Continuity Standards
A team of dedicated professionals in CIB has successfully managed the bank's Business Continuity Planning (BCP) efforts & capabilities. Due to a robust BCP, CIB was able to survive numerous disruptions in its external environment, with limited impact on operations and customer services, and maintained its leading market position.