FRSGlobal today announced that the Central Bank of Oman (CBO) has selected FRSGlobal to implement the new Banking Oversight and Research Solutions (BORS) project, in order to streamline and automate supervision and analysis of authorised financial institutions in the Sultanate.
Hamood Sangour Al Zadjali, executive president of the CBO, stated that: “The 21st century will be a knowledge-dominated century, whereby traditional banking will give way to more electronic banking. While this provides tremendous business opportunities for the banking sector, it also raises new challenges for both banks and regulators.”
Roy Barnes, head of operations for FRSGlobal in the Middle East, stressed that “FRSGlobal will assist the CBO in its BORS project as part of its continued pursuance in achieving the global best practices in banking regulation and supervision in the region. The CBO has a reputation as one of the strongest regulators in the region, a claim echoed by major global financial analyst houses, so we are delighted to be selected after a rigorous process, to support the CBO’s plans for maintaining the Sultanate’s vibrant banking industry.”
The implementation of this project will be completed over 2010-2011, and will result in a full set of country regulatory reports as submitted by banks to the CBO.
Steve Husk, CEO of FRSGlobal, said: “Our proven risk and regulatory experience and extensive knowledge from interaction with global regulatory organisations mean that we are ideal partners to enable central banks to streamline data collection and get a comprehensive view of firms under their supervision. We look forward to working with the CBO and expect to replicate this solution for development of similar systems for more regulators in the Middle East region and beyond.”