KPMG appointed to advise Orient Commercial Bank on risk transformation
KPMG appointed to advise Orient Commercial Bank on risk transformation
Ho Chi Minh City-based Orient Commercial Joint Stock Bank has recently appointed KPMG Limited, a leading professional audit, tax, advisory services firm, to advise it on a risk transformation project. This appointment comes as part of Orient Bank’s ongoing efforts to enhance governance and risk management policies and processes.
The project will enable the bank to move towards international best practice and standards of risk management and will also assist the bank in ensuring that it complies with risk management regulations handed down from the State Bank of Vietnam.
The bank (OCB), with support and guidance from its strategic partner BNP Paribas, has already established various risk management policies, processes and procedures.
The bank’s management, however, recognises the need for constant improvement to stay competitive in a market which is becoming increasingly complex and in an economy and regulatory environment which are constantly developing and changing.
After an extensive assessment process, the management of the bank came to the decision that KPMG was the right firm for them to work with on this important project.
Using a team of local and regional resources, KPMG will work with the bank to make enhancements in relation to credit, market and operational risk management as well as to the overall risk management structures and processes in place at the bank.
“The appointment of KPMG shows the pro-activeness and foresight of OCB’s senior management to comply not just with local requirements, but to work towards the best practice risk management standards employed by banks in more developed and complex markets. Through enhancing risk management the bank will improve stakeholder value and, in a more general sense, contribute to the ongoing strengthening of the banking sector in Vietnam,” said head of Advisory at KPMG Limited John Ditty.
Chairman and CEO of KPMG Limited Warrick Cleine, who attended the signing ceremony last week added that KPMG’s depth and breadth of experience in the Vietnamese banking sector was a key reason why KPMG was appointed.
It is expected that the initial engagement will last for a period of between 9 – 12 months.
vir
