EFG Hermes, first Egyptian financial institution to achieve ISO 31000:2018 standard – TechEconomy Nigeria

EFG Hermes Holding, an impact-focused universal bank in Egypt and the leading investment banking franchise in frontier emerging markets (EMFs), today announced that its investment bank has become the leading financial institution in Egypt to achieve ISO 31000:2018 Enterprise Risk Management (ERM) certification by the British Standards Institution (BSI), the world’s leading national standards body and leading manufacturer of global standards.

The certification complements many successful ISO accreditations for the financial services powerhouse, with ISO 31000:2018 being a globally recognized risk management standard that gives practitioners a set of accepted best practices, principles and methods to adhere to.

The ERM framework emphasizes senior management compliance with a commitment to continuous improvement of a risk management system.

By verifying that EFG Hermes operates an ISO 31000:2018 compliant ERM system, the certification reflects the company’s success in expanding access to its financial services and growing the business in a stable manner. , sustainable and responsible, adhering to strict ethical and governance guidelines.

“We are proud to be the first financial institution in Egypt to receive BSI certification, which demonstrates our commitment to continuously streamlining operational efficiency, strengthening the enterprise’s risk management culture and, in turn, to create value for our customers and our shareholders. Adherence to international standards is also part of our strategy to lead the way in deepening market risk management as we work together to drive the sustainable growth of the industry as a whole,” said Abdelwahab Gadayel, Group Chief Risk & Compliance Officer of EFG Hermes Holding.

In addition to its growing sales and purchase operations in 14 markets, the company actively developed its Non-Banking Financial Institutions (NBFI) platform in Egypt, which accounted for 28% of revenue and 23% of net profit in 1H2022. , while its recent acquisition of a majority stake in a commercial bank in Egypt, aiBANK, has enabled the company to offer a fully-fledged universal offer of financial solutions today, inciting the adoption of commercial principles and management of internationally recognized risks to ensure the integrity, sustainability and operational health of the Group.

Dr Mohannad Abdel Qader, Managing Director Middle East and Africa Operations, BSI, commented: “Risk management is an essential component of the strategic, tactical and operational management of organizations. ISO 31000:2018 provides guidelines for managing all forms of risk in a systematic, transparent and credible manner in different areas and contexts. It applies to all business activities and functions. On behalf of BSI, I would like to congratulate the EFG Hermes Holding team on this achievement.

More recently, EFG Hermes also renewed its ISO 22301 for the sixth consecutive year, which is an integral part of the company’s business continuity management system which complies with the standards updated in 2019.