The Association of Banks in cooperation with the Association of Information and Communication Technology Companies “Intaj” held the “Risk Management and Practical Applications in Compliance with International Financial Reporting Standards IFRS9, IFRS16 and IFRS17” workshop which included presenting a practical application of the GRC tool (Governance, Risk and Institutional Compliance Tool) by one of the emerging companies “Risk Mission” that was incubated in the first season by “Hemaya Tech” incubator for cyber security.

The workshop took place on Monday, March 2021, and it was attended by the concerned parties in Intaj, Hemaya Tech and Risk Mission along with a number of bank representatives.

The workshop addressed the existing challenges to comply with regulatory requirements in the Jordanian financial sector in accordance with the instructions of the Central Bank of Jordan and the practical applications developed by (Risk Mission) to overcome operational and regulatory obstacles through a practical application of the GRC tool (Governance, Risk and Institutional Compliance Tool) developed by Risk Mission.

The workshop was commenced by Dr. Maher Al-Mahrouq pointed to the important achievements made by emerging and pioneering Jordanian companies in the field of information technology. He stressed that technological risks including cybersecurity risks have become one of the top ten risks facing global economy. Al-Mahrouq added that Intaj through the Hemaya Tech incubator played a key role in helping many entrepreneurs and emerging companies to provide innovative digital and technological products and solutions of major important opportunities in the local and foreign market. He also indicated that in light of the accelerating digital transformation in the banking industry, banks need innovative and effective solutions that help them in their multiple operational processes to enable them to comply with various requirements as well as risk management. In this regard, Al-Mahrouq stated that the application of GRC tool includes financial technology solutions in business development and raising operational processes efficiency.

For his part, the Executive Director Intaj, Eng. Nidal Al-Bitar, said that Intaj in partnership with the Association of Banks enabled Risk Mission to present this tool to banking sector specialists as banks were invited to participate in the workshop.

He pointed out that RiskMission qualified in the first season and reached the last stage of investment readiness and markets entry within Hemaya Tech incubator noting that this cyber security incubator helped the company to effectively develop the tool to be better promoted enabling it to attract clients and investors.

And he indicated that this tool is a program to help maintain continuous readiness through effective management of various processes and documents, as it enables companies to automate their compliance programs through the use of the GRC program, which effectively helps in eliminating weaknesses that may jeopardize the work and help meet immediate compliance needs.

Risk Mission has highlighted the most important products that help the banking sector in facing real challenges faced by Jordanian banks in the field of risk management, governance, compliance (GRC) and risk-based auditing (RBA).

In turn, the founder of Risk Mission, Dr. Imran Salem, said, “The policy of Risk Mission is to research and identify the most important new challenges that are created in the market, evaluate them, and develop innovative digital solutions that help overcome these challenges.”

“Hemaya Tech” is the first business incubator specialized in cybersecurity, as it is managed by the Production Association and the Startup Companies Council, in partnership with Zain Jordan and the Zain Innovation Platform (ZINC), and with the support of the Jordan Entrepreneurship Fund.

It is noteworthy that the “Intaj” association recently announced the launch of the second season of the “Hemaya Tech” incubator, where it invited pioneers and startups working in the field of cybersecurity to join the incubator within a maximum period of March 26.