• The international certification is proof positive of the Firm’s commitment to ERM compliance as part of its goals to maintain resilience and maximize growth prospects across an ever-growing product and service portfolio and expansive geographic footprint

Cairo: 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.

-Ends-

About EFG Hermes Holding

With a current footprint spanning 14 countries across four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 years of success to transform from a pure-play investment bank in MENA into a universal bank in Egypt with the leading investment bank franchise in Frontier Emerging Markets (FEM). Drawing on our proven track-record and a diverse team of talented employees, we provide a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire FEM region. In our home country, we have the fastest-growing non-bank financial institutions (NBFI) platform with operations covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage finance and insurance.

And with its latest acquisition of a majority stake in aiBANK, the Firm was able to provide commercial banking products and services.

Through its three verticals, the Investment Bank, Non-Bank Financial Institutions (NBFI) and Commercial Bank, the group is perfectly positioned to consistently bring disruptive financial products and services to the market space, offering a holistic portfolio that best serves its growing base of individual clients and businesses of all sizes.

Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Oman | Jordan | Pakistan | UK | Kenya | USA | Bangladesh | Vietnam | Nigeria | Singapore

Learn more about us at www.efghermes.com & stay connected with us: 

For further information, please contact: 
The EFG Hermes Holding Public Relations Team
PublicRelations@EFG-Hermes.com
May El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
melgammal@efg-hermes.com

Note on Forward-Looking Statements

In this press release, EFG Hermes Holding may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes Holding’s belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.

About BSI

BSI is the business improvement and standards company that enables organizations to turn standards of best practice into habits of excellence, ‘inspiring trust for a more resilient world’. For over a century BSI has driven best practice in organizations around the world. Working with over 84,000 clients across 193 countries, it is a truly global business with skills and experience across all sectors including automotive, aerospace, built environment, food and retail, and healthcare. Through its expertise in Standards and Knowledge, Assurance Services, Regulatory Services and Consulting Services, BSI helps clients to improve their performance, grow sustainably, manage risk and ultimately become more resilient.