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VALOORES delivers 3 projects to the Central Bank of Lebanon
Dec, 2017

  • CB-GRC: Governance, Risk, & Compliance Framework
  • CB-REFA: Real Estate & Financial Assets
  • CB-COM: Official Regulatory Communication Portal

The Central Bank of Lebanon, an iconic, progressive, and reputable Central Bank, a worldwide reference in its proven successful financial model and strategies, adopts VALOORES' framework to secure and industrialize its Regulatory Authority Governance, Risk, and Compliance. The implementation spans a suite of asset classes, and covers a Next Gen Analytics-enabled life cycle.

VALOORES anchored its strategic partnership with the Central Bank of Lebanon, emanating from a myriad of previous success stories, and worked closely with its professional regulatory body to ensure a rapid-paced implementation. This strategic and holistic approach empowers the Central Bank of Lebanon to industrialize and automate Governance, Risk, Compliance, Communication, and Asset Management, across its jurisdiction. That provides the Central Bank of Lebanon with the flexibility to industrialize evolving regulations and financial strategies.

VALOORES delivered the Central Bank of Lebanon’s requirements on Time, on Target, on Scope, on Budget, and lined up its resources against the project’s operations. VALOORES provides an integrated solution based on its proven technology, state of the art services, and best practices accumulated over 30 years of successful implementations around the globe.

The “Central Bank - VALOORES” road map & projects’ strategy is designed to march at the same drum with the complexity of today’s, and tomorrow’s financial sector, while maintaining cost-effectiveness across operations. VALOORES' integrated platform and content-rich offering is expected to secure the Central Bank of Lebanon’s activities, while streamlining regulatory obligations and processes across critical business functions.

VALOORES Solutions

VALOORES has embraced the metamorphosing financial business models, to sustain growth, and tackle challenges segregated around Governance, Risk, & Compliance. Its mission statement is focused around securing Risk & Compliance for the Banking and Finance sector, alongside bringing lost opportunities to the front burner, and level setting markers to leverage a competitive edge.

VALOORES’ Financial Services help financial institutions tackle today's tactical risk and compliance problems while future-proofing compliance spent across regulatory mandates. Standardization, centralization, and optimization are ultimate objectives. Individual opportunities are identified, converted, and used as a foundation on which to build. Central Banks need to consider a widespread range of activities; the key is to leverage a specific focus, and develop a methodology that works.

CB-GRC

VALOORES Governance, Risk, & Compliance (GRC) is put together around Compliance, Security, Visibility, Control, Quality, Automation, Productivity Optimization, Time Management, Profitability Improvement, Harmonization, Performance Follow up, Adaptable Strategies, alongside Risk Mitigation, to alleviate the following Central Bank Pain.

  • Inconsistent Methodologies across the organization
  • Complex Procedures: Difficult to Model, Automate, Monitor & Control
  • Lack of Holistic Visibility & Accountability
  • Numerous / Restrictive controls
  • Incompatible Technology
  • Reconciliation of Inconsistent / Redundant Information from Scattered Sources
  • Broken Processes: Individuals / Stakeholders
  • Audit Trail Caveat
  • Massive Manual processes
  • in'Risk focus is tailored to Identify, Categorize, Assess, Mitigate, Report KRIs, and Consolidate Risk.

    The in'Compliance focal point is Audit (SOX, BASEL II/III, ISO 20022 for BPO, in addition to Internal and External Regulations), Process & Risk Documentation, Control Definition & Documentation, Compliance Processes’ Disclosure & Certification, alongside remediating identified issues.

    in'Governance, a blueprint that leverages Assessing Effectiveness of Control, Compliance Processes’ Disclosure & Certification, Corporate Policies, Business Performance Management, Risk & Obligation Identification, Risk Mitigation & Control, Analysis & Evaluation, Monitoring, Testing & Assurance, Incident Loss Management, alongside Reporting & Communication. in'Resilience is repatriated through Integrating Existing Business Processes with GRC, Streamlining Business Units with IT systems, cutting down Manual Processes to decrease Error Risk, Integrating Risk, Audit, & Compliance (logical data aggregation & correlation), alongside aligning Structured Governance, Risk management, & Compliance processes with Corporate Objectives.

    in’Regulatory Reporting, a transparent Regulatory and Management Reporting framework, made available for compliance operations, with advanced reporting and dashboard capabilities. Central Banks can constantly monitor the overall activity by leveraging automated and comprehensive surveillance across all business lines. The solution institutes the needed visibility to better weigh in on Risk and Opportunities.

    CB-Real Estate & Financial Assets

    With a portfolio of Undeveloped, Built, & Excrete real estates, VALOORES partnered with the Central Bank of Lebanon to put together a framework around streamlining, managing, & organizing the information flow (eGOV – Process Improvement), then secure, industrialize, and archive valuable information exchange, following the Central Bank requirements. A web-based portal complements the Real Estate & Financial Assets’ (REFA) backbone to industrialize and streamline information reach to the public audience. The project work streams were segregated into Sales Investment Portfolio, Purchasing, Estimations, & Letter of guarantee.

    CB-Communications

    VALOORES’ international experience in designing “Communication” work streams was funneled through porting the Central Bank’s website into a forward-looking progressive communication portal, accommodating the following.

    • Latest industry trends and Cyber-Security best practices
    • Responsive lay out on mobile devices
    • Fast-paced information exchange: automating integration / co-existence between the Central Bank’s back office systems, and the Communication Portal’s back end platform / Content Management System
    • Fast bring-to-market (automated integration with existing systems)
    • Performance-aware, value-based, and culture-aware branding guardrails
    • Secure, scalable, and forward-looking information lay out

    The communication landscape covered Laws & Regulations, Publications, Press Room, Payment System, About BDL, Statistics & Research, Bank Notes, Souvenirs & Medals, Statistical Analysis and Design, and the Museum. The FRONT END activities were centered on a more engaging online portal approaching the public audience & the Central Bank’s Subject Matter Experts, where the BACK END was focused on Content Management, Roles & Access Rights, Automated actionable Workflow notifications, and Multilanguage.

    … with Analytics

    On a daily basis, Banking systems generate and store massive amounts of data. Accordingly, thousands of decisions are taken. With such a volume, the manual analysis of data is inefficient, if not impossible, especially if the velocity, variety, and veracity of data are taken into account.

    The Analytics Engine unveils implicit relationships, trend patterns, exceptions, and anomalies hidden to human analysts; it’s tailored to the Central Bank's experience. In fact, its algorithms are trained on the Central Bank‘s historical and operational databases, and not on generic data.

    About VALOORES GROUP

    VALOORES, established in 1989, is one of the leading providers of Enterprise Management and Decision Making solutions. We are a World Class Company catering solutions, products, and services to Tier 1 enterprises. Our resource pool is spread over North America (US and Canada), Europe (Eastern and Western), North Africa, and the Middle East.

    VALOORES Banking and Finance is focused around instituting a progressive financial and non-financial ecosystem, sustainable, and scalable, to effectively lay out a blueprint to address multi-directional financials that meet customers’ needs.

    VALOORES has embraced the metamorphosing banking business models, to sustain growth and tackle challenges segregated around governance, risk, compliance, regulatory financial reporting, profitability, AML, ALM, payments, competition, branding, loyalty, Omni-channel experience, trust and engagement, and commoditization.

    VALOORES’ mission statement is focused around bringing the Banking and Finance’s lost opportunities to the front burner. Our solution will level set markers to embrace a competitive edge; the institutions’ goals in sales, profitability, risk, compliance, BI and Analytics, customers’ acquisition, retention, and addressing attrition. For more information, please visit VALOORES.com

    About The Central Bank of Lebanon

    Banque du Liban (BDL), the Central Bank of Lebanon, was established by the Code of Money and Credit promulgated in 1963. Its governor was named the Middle East's best Central Bank governor by Euromoney in 2005. BDL is a legal public entity enjoying financial and administrative autonomy. It is not subject to the administrative and management rules and controls applicable to the public sector. Its capital is totally appropriated by the State.

    There is a regular coordination between the BDL and the Government in order to ensure consistency between BDL's objectives and those of the Government. Cooperation with the Government implies coordinating fiscal and monetary policy measures. It informs the Government on economic matters that might negatively affect the national economy and currency and suggests measures that might benefit the balance of payments, the price level, public finance and offers advice on how to promote economic growth. It also ensures the relations between the Government and international financial institutions.

    The BDL is endowed by law, with the prerogatives to fulfill its mission. It can use all measures it deems appropriate to ensure exchange rate stability, specifically the intervention in the foreign exchange market by buying and selling foreign currencies. One of its main responsibilities is issuing Lebanon's currency, the Lebanese Pound. Other responsibilities include maintaining monetary stability, regulation of money transfers, and maintaining the soundness of the banking sector. Banking is a very important part of Lebanon's economy with over 100 different banks, which makes the role of Banque du Liban particularly important.

    The BDL controls bank liquidity by adjusting discount rates, by intervening in the open market, as well as by determining credit facilities to banks and financial institutions. It regulates banks' credit in terms of volume and types of credit, by imposing credit ceiling, by directing credits towards specific purposes or sectors and setting the terms and regulations governing credits in general. The BDL imposes reserve requirements on assets and loans, as well as penalties should shortfalls occur.

    The BDL grants licenses for the establishment of banks, financial institutions, brokerage firms, money dealers, foreign banks, leasing companies and mutual funds in Lebanon. The Banking Control Commission controls and supervises these institutions. Conferring with the Association of Banks, the BDL issues circulars and resolutions governing the relations of banks with their customers. For more information, please visit bdl.gov.lb