LOW RES MBR ISSUE 36

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Malta Business Review BANKING Achieves Positive Rating from Sigma Ratings FIMBank has achieved a positive rating from Sigma Ratings following a comprehensive review by the USbased specialist. The entity issues annual ratings on company-level financial crime risk posture, and utilises cutting-edge computer science to generate daily risk approximations on companies around the world. It has pioneered a technology-driven approach to understanding non-credit counterparty risk, evaluating inherent risk and control effectiveness data, to generate financial crime vulnerability ratings. Whilst most control sub-areas were rated as ‘strong’, the overall rating places FIMBank in the upper quartile of Sigma’s ‘satisfactory’ rating band. Sigma also classifies FIMBank’s outlook as ‘positive’. Commenting on the Bank’s recent achievement, FIMBank Group CEO Murali Subramanian stated that “Sigma’s rating is consistent with the recent affirmation of our ‘BB Rating’ and Stable Outlook by Fitch Ratings. It is the outcome of the enhanced risk management framework adopted and encourages us to invest additional time and resources to seek further progression.” Mr Subramanian explained that over the past years, FIMBank has implemented a number of management and operational reforms, and boosted investments aimed at improving its financial crime compliance posture across the entire Group. “This has led to a dramatic shift in culture, one which places a particular focus on financial crime risk management and compliance. In line with guidance we receive from our Board, we have continued to adopt a group- wide “zero tolerance” policy on compliance failure”. <strong>MBR</strong> For more information about FIMBank plc, visit www.fimbank.com. For further information please contact: Jason Zammit, Head of Marketing & Administration, FIMBank plc 52
EVENTS Malta Business Review THOMSON'S BACK IN TOWN HUGO BOSS has sponsored ALEX THOMSON since 2003, boasting one of the most successful and durable partnerships in the sport of yachting. BOSS Store St Julians hosted an intimate breakfast for the press and yachting enthusiasts, welcoming star sailor Alex Thomson ahead of his participation in the Rolex MIddle Sea Race on Saturday, aboard the iconic black HUGO BOSS Yacht. <strong>MBR</strong> www.maltabusinessreview.net 53
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LOW RES MBR ISSUE 36

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