SAMA Launch Insurance Sector Supervision Solution With Vizor
1 September 2015
SAMA, the Central Bank for the Kingdom of Saudi Arabia, went live on March 31st 2015 with phase one of a three phase regulatory software implementation developed and executed by Vizor Ltd. The Kingdom of Saudi Arabia is a member of the G20.
Today, Vizor Ltd., leader in regulatory software, announced that after only fifteen weeks from signed contract to ‘go live’, its regulatory technology, Vizor Software, has been implemented at SAMA
SAMA’s Returns Management System (RMS) automates the complete regulatory return lifecycle, from definition of complex financial and corporate returns through to the scheduling, collection, validation, processing and analysis of regulatory return data. All insurers operating in the Kingdom’s insurance sector are now required to file regulatory returns through the RMS online portal.
SAMA will gain significant efficiences from the implementation of Vizor Software, which includes Vizor Portal, a single point of online contact for regulatory submissions that enables significant improvements in the areas of data timeliness, quality, security and analysis.
“Working with a Central Bank of SAMA’s magnitude, on a project of this scope, has been an exciting experience for us. To see phase one in production in such a short time period is really a tribute to the talent of our people. Additionally, it is a testament to what can be achieved when the vendor and client at all levels work closely as a team. The working relationship, commitment and dedication of the SAMA team members has been pivotal to this success” remarked Ross Kelly, Managing Director and co-Founder of Vizor. “Between our work with SAMA and our new permanent office in Dubai, we are well positioned to continue to help make financial supervision easier, faster, and more effective for financial regulators in the Middle East, Africa, Asia, and around the globe.”
In the upcoming months, phase two of this multi-part project will see SAMA/Vizor team extend the scope of RMS to include supervision of the banking sector. In phase three, the system scope will be extended to include supervision of the finance companies sector.
The Saudi Arabian Monetary Authority (SAMA) The Central Bank of the Kingdom of Saudi Arabia, was established in 1952. SAMA’s mandate includes managing the Kingdom’s foreign exchange reserves, managing the monetary policy for maintaining the stability of prices and exchange rate and promoting the growth of the financial system and ensuring its soundness. SAMA is also responsible for supervising commercial banks and exchange dealers, cooperative insurance companies and the self-employment professions relating to the insurance activity; finance companies, and credit information companies. For more information about the Saudi Arabian Monetary Agency please visit http://www.sama.gov.sa/sites/SAMAEN/Pages/Home.aspx
Vizor Software has been the standard for financial regulatory technology since 2000. Leading the way in regulatory software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. You can learn more and visit Vizor at http://www.vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.