EFG Hermes becomes the first Egyptian financial institution to comply with the ISO 31000:2018 Enterprise Risk Management standard

  • The international certification is positive proof of the company’s commitment to ERM compliance as part of its goals of maintaining resiliency and maximizing growth prospects through an ever-growing portfolio of products and services and an extensive geographic footprint.

Cairo: 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 first financial institution in Egypt to achieve ISO 31000:2018 Enterprise Risk Management Compliance (ERM) certification by the British Standards Institution (BSI), the world’s leading national standards body and the world’s leading manufacturer of 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 sustainable growth for the industry as a whole,” said the Group Chief Risk & Compliance Officer of EFG Hermes Holding. Abdelwahab Gadayel.

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 offering of financial solutions today, incentivizing 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, said: “Risk management is an essential component of the strategic, tactical and operational management of organisations. 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.

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About EFG Hermes Holding

With a current footprint spanning 14 countries on four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 successful years from a pure-play investment bank in the MENA region to a universal bank in Egypt with the leading investment banking franchise in frontier emerging markets (FEM). With our proven track record and a diverse team of talented employees, we provide a wide range of financial services that include advisory, asset management, securities brokerage, research and private equity in the entire GEF region. In our home country, we have the fastest growing Non-Banking Financial Institutions (NBFI) platform with operations spanning Microfinance, Leasing, Factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage financing and insurance.

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

Through its three verticals, Investment Banking, Non-Banking Financial Institutions (NBFIs) and Commercial Banking, the group is uniquely positioned to consistently bring disruptive financial products and services to market, delivering a holistic portfolio that serves its growing base of individual and business customers of all sizes.

Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Omani | Jordan | pakistan | United Kingdom | Kenya | United States | Bangladesh | Vietnam | Nigeria | Singapore

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

For more information, please contact:
The EFG Hermes Holding Public Relations Team
[email protected]
May El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
[email protected]

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 represent only EFG Hermes Holding’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond management’s control and include, among other things, the financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future laws, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date 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 more than a century, BSI has encouraged best practice in organizations around the world. Working with over 84,000 customers in 193 countries, it is a truly global company with skills and experience in all sectors including automotive, aerospace, built environment, food and retail and healthcare. Through its expertise in standards and knowledge, assurance services, regulatory services and advisory services, BSI helps clients improve performance, grow sustainably, manage risk and ultimately to become more resilient.

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