EFG Hermes Holding, an impact-driven universal bank in Egypt and the leading investment bank franchise in Frontier Emerging Markets (FEM), announced today that its Investment Bank has become the first financial institution in Egypt to be granted ISO 31000:2018 Enterprise Risk Management (ERM) conformity by the British Standards Institution (BSI), the world’s first national standards body and the leading global standards maker.
The certification bookends numerous successful ISO accreditations for the financial service 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 comply with. The ERM framework underscores top management’s compliance with a commitment to the continual improvement of a risk management system.
By verifying that EFG Hermes operates an ERM system that is aligned with ISO 31000:2018, the certification reflects the Firm’s success in expanding access to its financial services and growing the business in a stable, sustainable, and responsible manner, by upholding strict guidelines of ethics and governance.
“We’re proud to be the first financial institution in Egypt to receive the BSI certification, a testament to our commitment to continuously streamline operational efficiency, strengthen the Firm’s risk management culture, and in turn create value for both our clients and shareholders. Complying with international standards is also part of our strategy to lead the way when it comes to deepening risk management in the market as we work together to drive sustainable growth of the industry as a whole,” said EFG Hermes Holding’s Group Chief Risk & Compliance Officer Abdelwahab Gadayel.
In addition to its growing sell-side and buy-side operations across 14 markets, the Firm has been actively growing its Non-Bank Financial Institutions (NBFI) platform in Egypt, which represented 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 firm today to deliver a full-fledged universal offering of financial solutions, prompting the adoption of internationally benchmarked business and risk management principles to ensure the integrity, sustainability and operational health of the Group.
Dr. Mohannad Abdel Qader, General Manager Middle East and Africa Operations, BSI, commented: “Risk Management is an essential component for organizations’ strategic, tactical and operational management. ISO 31000:2018 provides guidelines for managing any form of risk in a systematic, transparent, and credible manner within different scopes and contexts. It applies across all business activities and functions. On behalf of BSI, I would like to congratulate EFG Hermes Holding’s team for this achievement.”
Most recently, EFG Hermes also renewed its ISO 22301 for the sixth year in a row, which is part and parcel of the firm’s Business Continuity Management System that falls in accordance with the updated 2019 standards.