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In a move to enhance digital governance and comply with best technical standards, Renad Al Majd (RMG) has signed a consulting contract with the Libyan Foreign Bank, aiming to achieve compliance with the IT governance guide issued by the Central Bank of Libya.
Strategic Partnership to Enhance Compliance and Digital Transformation
The contract aims to align technical operations within the bank with the requirements of the IT governance guide, enhancing digital security, improving the efficiency of technical operations, and supporting digital transformation in the Libyan banking sector in accordance with the latest international standards.
Libyan Foreign Bank: Libya’s Financial Gateway to the World
Founded in 1972 as a financial institution owned by the Central Bank of Libya, the Libyan Foreign Bank is the first Libyan bank to be internationally licensed. The bank aims to strengthen global financial relations and provide international banking services. With a paid-up capital of $3 billion, the bank holds major stakes in international financial institutions, such as the Arab British Commercial Bank. The bank provides a variety of banking services, including international trade finance, money transfer, and investment management.
Project Objectives
- Achieving full compliance with the IT governance guide issued by the Central Bank of Libya.
- Enhancing cybersecurity and protecting banking data in accordance with best international practices.
- Developing the bank’s technical infrastructure to improve the efficiency of operational processes.
- Providing specialized consulting in digital governance and technical risk management.
The Importance of IT Governance in the Libyan Banking Sector
IT governance is an essential element to ensure compliance with international standards and achieve transparency and sustainability in financial institutions. The IT governance guide issued by the Central Bank of Libya provides a clear framework for Libyan banks to ensure that their technical operations are aligned with best global practices.
Renad Al Majd: Your Partner for Digital Transformation and Technical Innovation
Renad Al Majd (RMG) is a Saudi company specializing in providing IT services and consulting. It was founded to support digital transformation in Saudi Arabia, and to provide innovative solutions in various fields such as artificial intelligence, emerging technologies, data management, and cybersecurity. The company seeks to enhance the operational efficiency of institutions by providing specialized consulting, training human resources, and applying the latest technologies to ensure the achievement of digital transformation goals.
Renad Al Majd: Global Expansion to Enhance Digital Transformation
As part of its expansion and outreach strategy, Renad Al Majd (RMG) seeks to strengthen its presence at the regional and global levels by providing innovative technical solutions and integrated consulting services. With the increasing demand for digital transformation, the company has expanded into many Arab and international markets, including Libya, North Africa, and the Gulf Cooperation Council countries, to provide its specialized expertise in supporting governmental and private institutions to achieve compliance with digital standards and technical governance.
This expansion confirms Renad Al Majd’s commitment to keeping pace with global developments in the field of information technology, and enhancing its capabilities in enabling institutions to benefit from the latest technologies, raising the level of operational efficiency, and ensuring compliance with best international practices. Through its offices and branches around the world, the company continues to provide its consultations and services to help institutions achieve sustainable digital transformation, and achieve advanced positions in digital performance indicators.
Consulting Services Provided by Renad Al Majd to Libyan Banks
Renad Al Majd (RMG) provides a comprehensive package of services aimed at helping Libyan institutions achieve compliance with the guide’s requirements, including:
- Assessing the Current Status of Governance Practices
- Analyzing the technical infrastructure and systems used.
- Comparing the current level of compliance with the COBIT 2019 framework and approved governance standards.
- Identifying weaknesses and gaps that need development.
- Designing and Implementing an IT Governance System
- Developing an integrated governance framework that complies with the requirements of the Central Bank of Libya.
- Defining strategic objectives for digital governance and setting key performance indicators (KPIs).
- Developing policies and procedures that support compliance.
- Training and Capacity Building
- Providing training programs and workshops for employees to enhance their awareness of best IT governance practices.
- Qualifying technical and professional cadres to implement policies and procedures efficiently.
- Compliance Monitoring and Performance Evaluation
- Monitoring and evaluating the implementation of the governance system periodically.
- Providing analytical reports that show the extent of compliance and identify opportunities for continuous improvement.
- Providing ongoing consulting to ensure continuous updating of policies in accordance with international standards.
The Impact of Renad Al Majd Services on the Libyan Banking Sector
Through its specialized consulting services, Renad Al Majd contributes to improving digital governance in Libyan banks, which leads to:
- Enhancing cybersecurity and reducing technical risks.
- Improving the efficiency of operations by applying best global practices.
- Raising the level of transparency in IT management.
- Increasing the confidence of customers and partners by complying with international banking standards.
Renad Al Majd’s Commitment to Supporting Libyan Institutions
Renad Al Majd confirms its commitment to providing advanced technical and consulting solutions to support Libyan institutions in their journey towards digital transformation. Through strategic partnerships and a specialized consulting approach, the company seeks to enable Libyan banks to achieve the highest levels of compliance and achieve sustainable development in the IT sector.
A Step Towards an Integrated Digital Banking Future
This cooperation reflects Renad Al Majd’s commitment to supporting banking institutions in achieving the highest levels of compliance and technical quality, by providing specialized solutions in digital governance, risk management, and compliance with banking legislation.
To learn more about Renad Al Majd’s services in supporting digital transformation and compliance with technical standards, contact us today:
