KFH Receives ISO Certification for Business Continuity Management
KUWAIT CITY, Apr 5: Kuwait Finance House (KFH) has attained ISO 22301 certification for its Business Continuity Management Systems (BCMS) after successfully completing the required auditing procedures and meeting all certification standards in record time.
Commenting on this achievement, KFH Executive Manager Business Continuity Management, Faisal AlMulla, said thatthis certification demonstrates KFH's sustainability approach to maintaining operations during crises at the highest international standards. He further noted that it reflects the bank's proactive capacities and preparedness to face potential risks, ultimately ensuring reduced downtime and continuous banking services despite unforeseen circumstances.
He further explained that the ISO 22301 certification highlights KFH's efficient operations, its structured approach to managing potential crises, and its strong ability to withstand future challenges. Moreover, he noted that this certification proves the bank has successfully adopted leading practices to ensure stability and continuity across all its operations.
'KFH, a world-class leading banking entity, always seeks to maintain a solid and effective system for business continuity management. KFH also maintains a robust and effective strategy for crisis management, supported by a cutting edge digital-based ecosystem, ensuring a seamless continuation of KFH's services and core operations. This approach has led to KFH being awarded this certification by the International Organization for Standardization (ISO),' AlMulla explained.
He affirmed that ISO 22301 represents a milestone for the efforts of the Bank's different departments in their pursuit of applying the best international standards in risk management and business continuity. He also highlighted KFH's endeavors in achieving a significant leap toward digital transformation in risk management by adopting the latest advancements in artificial intelligence (AI), machine learning, and advanced analytics to enhance risk measurement, monitoring, and early detection capabilities. This was accomplished in accordance with the best global practices, allowing KFH to build effective, developable and proactive measures to face unforeseen challenges and ensure its business continuity considering the geopolitical changes surrounding the region and the world.
'Furthermore, the risk appetite framework for the Group and subsidiaries was comprehensively updated to align with the evolving economic and financial conditions, ensuring alignment with the Group's risk strategy and its overall strategy,' AlMulla remarked.
It serves to note that the ISO 22301 certification determines the Business Continuity Management (BCM) requirements and provides a comprehensive framework that enables organizations to foresee, prepare for and recover from business disruptions effectively. Additionally, an effective BCM system allows organizations to detect potential threats and mitigate its implications ensuring their business continuity.
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