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Dubai, United Arab Emirates – RAKBANK has announced a strategic partnership with Paramount and Archer to implement a cutting-edge Governance, Risk, and Compliance (GRC) solution. This collaboration aims to elevate RAKBANK’s risk management and compliance framework, supporting the bank’s vision for operational resilience and excellence.
The partnership will introduce an Integrated Risk Management (IRM) solution, designed specifically for the financial sector, allowing RAKBANK to streamline and centralize its risk functions. These include operational risk, IT risk, third-party risk, compliance management, and business continuity—all integrated into a single platform. The centralized GRC hub will offer RAKBANK’s leadership team real-time insights through a unified dashboard, enhancing decision-making and fostering a proactive approach to governance and compliance.
Farhan Mahmood, Group Chief Risk Officer at RAKBANK, commented: “Our partnership with Archer and Paramount is a key milestone in our ongoing efforts to strengthen governance and risk management through a new GRC system. This solution helps us stay ahead of regulatory changes, enabling us to focus on what truly matters—delivering innovative, personalized solutions that meet the evolving needs of our customers.”
Premchand Kurup, CEO of Paramount, emphasized the significance of this collaboration: “The Middle East is becoming a global growth engine, and leading banks like RAKBANK are playing a key role in driving this momentum. GRC solutions serve as the essential guardrails for growth, ensuring that risks are managed effectively while allowing businesses to remain agile. We are excited to help RAKBANK streamline its processes, enhance efficiency, and focus on what matters most—delivering impact.”
Nitin Rajotia, Vice President - GRC & Data Privacy at Paramount, added: “RAKBANK is known for leveraging technology to drive its operations, and we are thrilled to support their vision by automating GRC processes through Archer. This partnership will strengthen governance and elevate the bank’s ability to provide enhanced customer service, all while maintaining a solid foundation of risk management.”
About Paramount
Paramount is a leading provider of Governance, Risk, Compliance and Cybersecurity solutions in the Middle East, committed to helping businesses transform compliance challenges into opportunities for growth. By combining advanced technology with local expertise, Paramount empowers organizations to streamline their GRC processes, reduce compliance time, and enable sustainable operational resilience. For more information, please visit Paramountassure.com
About Archer
With over 20 years of expertise, Archer enables organizations to manage risk effectively in the digital age, aligning stakeholders and integrating advanced technologies. Recognized by Gartner as a leader in Integrated Risk Management, Archer supports over 1,000 customers—including more than 50% of the Fortune 500—in 48 countries.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE.
RAKBANK is a public joint stock company based in Ras Al Khaimah, UAE, with its head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road in Ras al Khaimah. The Government of Ras Al Khaimah holds the majority shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).
RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Its transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments.
With 21 branches and advanced Digital Banking solutions, it offers a wide range of Personal, Wholesale, and Business Banking services. Through its Islamic Banking unit, RAKislamic, it provides Sharia-compliant services to make banking experience seamless, whether in person or online.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK on social media platforms:
twitter.com/rakbanklive
Instagram.com/rakbank
tiktok.com/@rakbank
linkedin.com/rakbank
For more information, please contact:
Gambit Communications
Suzana Saoud
Senior Account Manager
Suzana@Gambit.ae