MISL launches new software for banks, FIs

Millennium Information Solution Limited (MISL), a leading software company, launched new software for banks and non-bank financial institutions.

The software-- 'Tahqiq-- is a risk-based internal audit system (RBIAS) that automates the process of internal auditing making it significantly faster and more cost effective; hence securing every penny of its clients, more effectively and efficiently.

The application of Tahqiq RBIAS aims to improve the banking sector's ability to absorb shocks arising from financial and economic stress, improve risk management and governance, and strengthen banks' transparency and disclosures.

It links internal auditing system of banks and NBFIs overall risk management framework.

The software's three-layer process provides assurance of efficient and effective risk management, as per the risk appetite of the organization.

State minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak launched the products in a city hotel recently.

Speaking at the programme, he said the country's financial institutions including banks and NBFIs are risk-prone.

If banks do not change and adopt new technologies into their system, they will face the consequence," he said.

He said his government is working for entirely digitalized, paperless and cashless banking.

We are ready to provide all sorts of policy support to do so," he said.

Association of Bankers, Bangladesh Chairman Ali Reza Iftekhar said he has been looking for such software for many years.

He believes this software will be an effective decision making tool for banks and NBFIs as they would know what risks are emerging in the system.

AKM Nurul Fazal Bulbul, Vice Chairman of Islamic Banks Consultative Forum, Mahmud Hossain, Managing Director of MISL, Niaz Ahmed, Chairman of MISL, among others, also spoke at the programme.

Two major banks, one Conventional (non-islamic) and the other Islamic, have already been gaining benefit though the adoption of Tahqiq.

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