i-flex Solutions Ltd has announced that Public Bank, the third largest banking group in Malaysia, on May 22, 2007 announced that it has selected i-flex consulting to provide Credit Risk Management and Basel II consultancy. This consulting assignment, covering the Public Bank Group's Malaysia and Hong Kong operations, will help Public Bank further enhance its credit risk management function, establish data requirements for Basel II, and draw up an implementation plan to meet its compliance objectives.
Basel II is the revised international capital framework to align the capital adequacy requirement of banking institutions with key elements of the banking risks i.e. credit, market and operational risk. Public Bank expects this project to outline its future move towards the Basel II Advanced Internal Ratings Based approach.
i-flex consulting is the consulting division of i-flex solutions®, a leading provider of IT solutions to the global Financial Services Industry, i-flex solutions and its divisions, Reveleus and i-flex consulting are the global leaders in Basel II compliance solutions and consulting.
Commenting on the selection, Kishore Kapoor, CEO, i-flex solutions pte ltd said, "i-flex today offers the most comprehensive range of solutions and services to enable banks to meet regulatory requirements and build a risk and compliance framework that enhances competitive advantage. We are confident that our team of experienced risk management consultants will deliver an engagement that meets the commendable risk management objectives that Public Bank has set for itself."