Sacombank kicks off the project Improving the risk management database framework25/07/2018
Accordingly, this project will help to comprehensively assess the actual status of Sacombank's data system, from governance, supervision and administration policies, to databases, information technology, etc. to measure Sacombank's current level of responsiveness compared to the standards of the State Bank, Basel II and other advanced management practices. From there, Sacombank will complete the overall data governance framework, define the organizational structure and target operating model in terms of data governance, and develop policies/processes related to data governance, data quality management rules. Besides, Sacombank also achieved other goals such as:
- Accurately define business requirements, technical requirements, functional requirements for the risk data warehouse solution.
- Deploying a complete risk data warehouse.
- Deploying capital calculation solutions to ensure full compliance with the requirements of the State Bank (Circular 41/2016/TT-NHNN)
- Develop a risk reporting system in line with international practices and Basel 2 standards - Building a cultural framework for data governance in particular and risk management in general.
Mr. Pham Van Phong - Standing Vice Chairman of Sacombank's Board of Directors gave a speech;
Mr. Pham Van Phong - Standing Vice Chairman of Sacombank's Board of Directors said: "During the development of Sacombank, we realize that building a database is a very important foundation for the Bank to implement other projects. Therefore, the Board of Directors is committed to facilitate for the project to succeed on schedule.”
Ms. Le Thi Hoa – Independent member of the Board of Directors speaks
“This project together with CM are the two most important projects of Sacombank to successfully apply Basel II. Therefore, I hope that all members of the project team of the parties will focus all their efforts, cooperate, and trust each other for an successful implementation with quality and on schedule”, Ms. Le Thi Hoa – Independent member of the Board of Directors, Chairman of the Steering Committee for Basel II project implementation shared.
Mr. Le Van Ron – Deputy General Director of Sacombank, Project Director;
Mr. Le Van Ron - Deputy General Director of Sacombank cum Project Director said: “The 4th industrial revolution with the trend of database-based development is a trend that has a strong impact to the whole economic - social life, including the financial - banking sector. Benefits need to be associated with risk management and all governance activities need to be database-driven. This is the most important meaning that the Risk Management Database Framework project brings to Sacombank.”
Ms. Nguyen Thuy Duong - Deputy General Director - Head of Banking and Financial Services -Ernst & Young Vietnam
“Besides focusing on retail and digital banking strategies following current trends, Sacombank is one of the very few banks in Vietnam that pays special attention to data management. The data system management is very necessary and effectively supports the process of analyzing customer behavior to increase the customer experience through a variety of products and services. With Sacombank's modern information technology background and deep understanding of risk management, we believe that this project will be a great success”, said Ms. Nguyen Thuy Duong - Deputy General Director – Leader of banking and financial services – Ernst & Young Vietnam.
Mr. Duong Dung Trieu - Chairman of the Board of Members of FPT Information System Co., Ltd;
Mr. Duong Dung Trieu - Chairman of the Board of Members of FPT Information System Co., Ltd. said: "The most challenging part of this project, in my opinion, is the coordination between the parties, so I hope to receive the support of the Sacombank leaders of this project to keep on schedule. FPT also pledged to focus resources to complete this project together with Sacombank.
It is expected that the project will be completed and put into operation by the end of the Q2 of 2019, earlier than the requirement for compliance with the capital adequacy ratio from 2020 as prescribed in Circular 41/2016/TT-NHNN of the State Bank. Not only at the compliance level, the early completion of the project and the establishment of a standard data governance framework will be the premise for Sacombank to meet Basel II requirements from basic to advanced in the coming time.
Representatives of Sacombank, Ernst & Young Vietnam, FPT IS take souvenir photos