bankmuscat partners with edutech to implement basel ii compliance training system
Leading learning solutions provider to install first-of-its-kind management training system in Oman
Edutech Middle East, a leading provider of technology-enabled learning solutions, has announced that it has signed a strategic agreement with BankMuscat, the leading bank in the Sultanate of Oman, to implement a customised eLearning and training system, which will familiarise the bank’s employees with Basel II standards. Set to benefit small and medium businesses, Basel II is a voluntary regulatory framework, which requires banks to maintain sufficient information security measures and transparency in loan portfolios to ensure adequacy in capital charges. The installation of the first solution of this kind in Oman is a significant step in the bank’s move towards achieving total fulfillment of Basel II requirements.
The installation of the learning management system, which is expected to be completed very soon, follows an extensive evaluation of the bank’s requirements to effectively train employees to perform practices that comply with Basel II specifications. Through Edutech’s ‘Train the Trainers’ philosophy, which blends content and technology to achieve an effective learning management solution, BankMuscat will save time and manpower using the eLearning Basel II module. In addition, scheduling of training sessions and monitoring to assess individual staff progress can be done with ease through internal company networks, which the human resource department can access at any given time.
Commenting on the partnership, AbdulRazak Ali Issa, Chief Executive, BankMuscat, said, “BASEL II is a significant development in the global banking industry, which is continuously evolving with the emergence and improvement of new and existing standards to protect clients’ finances. As we enter a new era of banking, we have partnered with Edutech to provide us with an effective tool to train our people to be able to keep at pace with the rapid developments being undertaken by international financial organisations. As the first bank in Oman to incorporate highly advanced technology into our training methods, we are looking forward to strengthening our partnership with Edutech to provide us with technology-enabled solutions as we move towards continuously providing world-class banking services to our customers.”
The content of the Basel II Training System, which can be customized to suit the requirements of all banks, was jointly developed by Edutech and BankMuscat and will be marketed to financial institutions throughout the region by both organizations. In addition to its effectiveness in facilitating a mastery of Basel II’s requirements among the staff, Edutech’s compliance training solution is also designed to be utilized in various training and development programs within the organization. Ownership of the eLearning module will prove to be cost-efficient through its capability to reduce time spent on teaching compared to using conventional classroom methods. Further, the gathered information within the training sessions can be compiled to create a repository of data, which will provide a reliable basis for the improvement of future training activities.
“Banks in the Gulf represent the largest single vertical in terms of overall IT investments, allocating USD 1.3 billion to infrastructure acquisition and upgrades in 2006, which is reflective of the 15 percent projected annual growth set to be taken by regional financial services sector,” said ASF Karim, CEO, Edutech Middle East. “We have recognised an opportunity to aid the region’s economic development by introducing our learning management systems to leading financial institutions such as BankMuscat, thereby enabling them to be in line with global market trends. Our strong partnership with reputable banks across the region is a testament to our dedication towards contributing to the development of the Middle East, both in the educational and the business sector.”
Edutech Middle East has been establishing partnerships with a number of well-reputed banks in the region to implement its breakthrough and customised learning management solutions to address educational and training requirements. The company combines years of experience with technology and content to deliver rapidly deployable knowledge solutions thereby enabling faster learning cycles, increasing access to information, and reducing cost, efforts and investments. It helps organizations build, manage and measure learning outcomes by providing solutions based on the comprehensive Knowledge Solutions framework that blends content and infrastructure into a single and seamless solution.
