RAKBANK and CRIF Forge Strategic Risk Management Partnership
RAKBANK Collaborates with CRIF to Enhance IFRS 9 Model Alignment with CBUAE Guidelines
Ras Al-Khaimah National Bank (RAKBANK), one of the fastest-growing banks in the United Arab Emirates, has partnered strategically with CRIF, a global leader in risk management with significant regional experience. This collaboration marks a crucial milestone for the bank, allowing it to effectively develop its expected credit loss (ECL) models under IFRS 9 standards for both its retail and business banking portfolios. The IFRS 9 standards require financial institutions to forecast and report the expected credit loss risks for financial assets over their entire lifespan.
The development of this new model is significant as CRIF's regional expertise ensures the bank's full compliance with the Central Bank of the United Arab Emirates (CBUAE) model governance guidelines and standards. These guidelines ensure that banks implement a transparent, reliable, and accurate risk management system that meets the strictest international regulatory expectations.
The goal of IFRS 9 standards is to enhance financial institutions' financial stability and minimize credit risks. The partnership between RAKBANK and CRIF is particularly vital in this context, as CRIF, as a global risk management leader, ensures the bank's modeling processes remain reliable and accurate.
RAKBANK continuously strives to develop and implement new solutions that improve financial stability and the services provided to its clients. This collaboration with CRIF allows the bank to efficiently manage risks while complying with national and international regulations.
In summary, the partnership between RAKBANK and CRIF is a significant step in the bank's risk management strategy, promoting financial stability and ensuring compliance with the Central Bank of the United Arab Emirates' regulations. This development benefits not only the bank but also its clients by enhancing the reliability and security of the financial services offered by the bank.
