FRSGlobal

01/09/2010

Central Bank of Oman selects FRSGlobal to implement its Banking Oversight and Research Solutions project

Brussels, Belgium - 1st September, 2010:FRSGlobal, the industry-recognised leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that the Central Bank of Oman (CBO) has selected FRSGlobal to implement the new Banking Oversight and Research Solutions (BORS) project, in order to streamline and automate supervision and analysis of authorised financial institutions in the Sultanate.

His Excellency Hamood Sangour Al Zadjali, Executive President of the CBO stated that “The 21st century will be a knowledge-dominated century, whereby traditional banking will give way to more electronic banking. While this provides tremendous business opportunities for the banking sector, it also raises new challenges for both banks and regulators.”

Roy Barnes, Head of Operations for FRSGlobal in the Middle East stressed that “FRSGlobal will assist the CBO in its BORS project as part of its continued pursuance in achieving the global best practices in banking regulation and supervision in the region. The CBO has a reputation as one of the strongest regulators in the region, a claim echoed by major global financial analyst houses, so we are delighted to be selected after a rigorous process, to support the CBO’s plans for maintaining the Sultanate’s vibrant banking industry.”

The implementation of this project will be completed over 2010-2011, and will result in a full set of country regulatory reports as submitted by banks to the CBO.

Steve Husk, CEO, FRSGlobal said: “Our proven risk and regulatory experience and extensive knowledge from interaction with global regulatory organisations mean that we are ideal partners to enable central banks to streamline data collection and get a comprehensive view of firms under their supervision. We look forward to working with the CBO and expect to replicate this solution for development of similar systems for more regulators in the Middle East region and beyond.”

About the Central Bank of Oman

The Central Bank of Oman is responsible for maintaining the internal and external value of the national currency. It is also the single integrated regulator of Oman's financial services industry.

It is committed to excellence in providing monetary and financial stability and fostering sound and progressive financial sector to achieve sustained economic growth for the benefit of the nation.

About FRSGlobal

FRSGlobal is the industry-recognised leader in unified global regulatory reporting and risk management solutions. These solutions, which are enriched with content including pre-defined regulatory reports and stress testing libraries, are employed daily across the globe by firms to meet increasingly complex external (regulatory) and internal (management) reporting obligations.