FPT IS implements many important DX projects for MB
Recently, in Hanoi, FPT Information System Company Limited (FPT IS) and Military Commercial Joint Stock Bank (MB) held the signing ceremony for two important risk management projects: Financial crime risk management (FCRM) and Internal Capital Adequacy Assessment Process (ICAAP).
Financial crime risk management (FCRM) is jointly implemented by Deloitte - FPT IS. This is one of the strategic projects in MB's digital transformation process. In addition to meeting regulatory compliance requirements, MB's important goal is to establish an outstanding risk management platform close to the world’s leading governance practices in order to support banking operations.
According to the plan, the FCRM project for MB will be implemented within 18 months to establish a comprehensive financial crime risk management framework which is effectively run with strong support from technology.
After the project is successfully implemented, MB will have a technology platform to automate the process of fraud risk management and money laundering prevention, helping minimize financial loss.
The Internal Capital Adequacy Assessment Process (ICAAP) project, jointly implemented by FPT IS and PwC, aims to complete and upgrade the bank's capital adequacy assessment framework, and promote the application of ICAAP into business and management.
The project includes key apps such as: building risk heat map, applying the tool for quantitative modeling to make risk-based financial plans, optimizing capital allocation, evaluate and assess risk-based performance. The project is expected to last 16.5 months and be completed in March 2022.
As a member of the joint venture, FPT IS will provide license and services of the agency, deploying OFSAA (Oracle) to form an integrated data platform, convenient in advanced analysis, easily expandable and connected to other financial risk management modules. In addition, FPT IS will also provide warranty, maintenance and management services for related partners in both projects.
According to Vice Chairman and CEO of MB Bank Luu Trung Thai, that the digital transformation is taking place strongly in all sectors creates a tremendous opportunity for businesses to transform themselves.
Currently, not only MB but also other banks in Vietnam and around the world are facing great opportunities to make breakthroughs. MB considered them its key projects which help the bank step by step take control of the digital transformation process, create a foundation for safe and efficient growth, and support management and business activities, contributing to increase customers by at least 2.5 times.